Recent signs of de-escalation in the Middle East have sparked another wave of volatility across the broader cryptocurrency market.
On April 22, Bitcoin (BTC) surged above $78,000 after US President Donald Trump revealed that the ceasefire with Iran had been extended. The sharp uptrend negatively impacted traders who had opened high-risk, high-leverage positions, with liquidity in the 24-hour period reaching nearly $500 million.
The uptrend continued, and BTC managed to climb above $79,500 (its highest level since late January) but failed to break the psychological $80,000 level and fell back below $78,000. In the past 24 hours, there has been another rally with the valuation once again surging above $78K.
Meanwhile, the US President recently revealed that the Israeli-Lebanese ceasefire will be extended for three weeks following talks at the White House. This temporary peace could further reassure investors and create conditions that support a continued recovery in the crypto sector.
While BTC has surged 4% over the past week, many altcoins have posted much larger gains. The hotly-anticipated MemeCore (M) is now up 24% after hitting a new record high above $4.60 and solidifying its position as the second-largest meme altcoin. Monero (XMR), Zcash (ZEC), and Stellar (XLM) are also in the green, rising between 5% and 9%. On the other hand, Aave (AAVE) and Worldcoin (WLD) have each plunged 17% over the past seven days.
