Bitcoin has officially broken a major milestone, climbing past $100,000 for the first time in a long while. At the time of writing, BTC is trading above $102,000, just 6% away from its all-time high.
Ethereum Joins the Rally With Massive Gains
While Bitcoin grabbed headlines, Ethereum (ETH) delivered an even more explosive performance. In the past 24 hours, ETH surged by over 20%, now trading at $2,186. This marks the biggest single-day gain for Ethereum since 2021, signaling renewed investor confidence in altcoins.
What’s Driving the Crypto Market Boom?
Several global developments have contributed to this bullish momentum:
- Trade Tensions Ease: The U.S. and U.K. signed a 10% tariff agreement, signaling a more cooperative approach.
- China Relations Improve: U.S. officials suggested that tariffs on Chinese goods could be slashed by up to 50% in the coming week.
- Geopolitical Relief: The U.S. expressed strong intent to resolve the Russia-Ukraine conflict. Ukraine has shown interest in a 30-day ceasefire, while positive talks between President Zelensky and Donald Trump have added hope for de-escalation.
These developments have reduced macroeconomic uncertainty, giving cryptocurrencies a solid push upward.
Crypto Liquidations Top $793M
The surge in crypto prices triggered major market liquidations. According to Coinglass, over $793 million was liquidated in the past 24 hours, with $694 million coming from short positions.
This rapid price movement likely caught bearish traders off-guard, amplifying volatility and fueling further upward pressure.
Final Thoughts
The Bitcoin price surge is making waves across the financial world, with Ethereum and other cryptocurrencies riding the momentum. Easing trade tensions and improved global relations appear to be key catalysts. However, with major liquidations and increased volatility, traders should remain cautious and watch key support levels closely.
