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The cryptocurrency market is experiencing a significant surge today, with liquidations exceeding $454 million.
The cryptocurrency market is showing bullish indicators today, as all of the top ten coins are trading in the green, except for Hyperliquid (HYPE). Bitcoin's price has jumped to its highest level in several months, while Ethereum's price has risen to test the resistance level at $2,400. Additionally, the rise in XRP's price has contributed to increasing its weekly gains to over 7%.
These gains have led to a sharp increase in liquidations. Data from Coinglass shows that over the past 24 hours, $454 million has been wiped out from the market through the liquidation of long and short positions. During this period, 107,771 traders have been liquidated.
The price increase caused the closure of $319 million worth of short positions. With these positions liquidated, buying pressure has increased significantly, fueling the upward movement.
The ongoing market recovery comes amid Trump's move to extend the ceasefire between the United States and Iran. Despite this extension, the U.S. sanctions on the Strait of Hormuz remain in place, and uncertainty still surrounds the peace talks after Iran announced it would not participate in the second round of negotiations in Pakistan.