Bitcoin spent weeks stuck below $70,000. One headline changed that.
The largest crypto jumped 4.5% to $72,634 on Wednesday after Trump announced a ceasefire with Iran. It was Bitcoin's highest price since mid-March and a weekly gain of 8.6%.
The rally triggered mass wipeouts. More than $600 million in futures bets were erased in 24 hours. Short sellers - traders betting prices would drop - lost $420 million of that.
Ether climbed 6% to $2,250. But bigger moves came lower down. XRP, Solana, Dogecoin, and Chainlink all jumped. Zcash surged 28%.
Crypto rallied for the same reason stocks did - the ceasefire sent oil down, which eased price fears and boosted hopes for Fed cuts. Lower rates push investors into risky assets like crypto.
The total crypto market hit $2.52 trillion. That's wide work, not just Bitcoin doing it.
The next level to beat is $74,000 to $76,000. A close above $76,000 would confirm a bullish pattern that could aim for $85,000 to $90,000.
But not all agree. Jeff Mei from BTSE exchange said a real rally depends on how oil supply bounces back and if the Fed cuts rates.
The ceasefire gave crypto a spark. Whether it becomes a fire depends on what happens next.
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