BTC and ETH Soar to Six-Week High as Crypto Market Faces Massive Short Liquidations

According to Coinglass data, the total liquidation amount across the network in the past 24 hours reached $373 million, with nearly $300 million in forced liquidations coming from short positions.

From the specific data, Ethereum leads the liquidation rankings with $141 million, followed closely by Bitcoin with liquidation amounts reaching $130 million.

This dramatic price movement not only broke the previous consolidation pattern but also highlighted the rapid shift in market sentiment. Large-scale liquidations in a short time further amplified the chain reaction of price volatility.

Just last weekend, after Trump announced that the U.S. military launched "the most intense bombing in Middle Eastern history" on Kharg Island, Bitcoin briefly fell to around $70,000.

However, as traditional financial markets opened Sunday evening and Monday morning, the market reversed sharply. Bitcoin rallied strongly and broke through $74,000. Although it subsequently faced resistance and pulled back slightly, overall market sentiment has significantly improved.

Despite Trump's initial claims of not intending to attack oil infrastructure, he has recently not only threatened to use ground forces to occupy Kharg Island, which produces over 90% of Iran's oil output, but also urged NATO allies to intervene in the Strait of Hormuz situation.

This series of hardline statements has not only intensified geopolitical tensions but also cast a shadow over the future trajectory of global financial markets, adding more uncertainty.

Overall, while the geopolitical landscape continues to evolve, the crypto market appears to be interpreting the market in its own unique way, seeking a new direction amid this violent volatility.

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