On April 8, the price of the leading cryptocurrency jumped by 4.3%, breaking through the $71,000 mark. At the time of writing, the asset is trading around $71,600.
The rest of the market followed the flagship. Ethereum’s price increased by 6.3% over the day, reaching $2200 for the first time since mid-March.
Among the top 10 cryptocurrencies by market capitalization, Hyperliquid (+7.8% in 24 hours), XRP (+5.5%), and Solana (+5.8%) stood out. The total market value increased by 4.15% to $2.45 trillion.
The daily liquidation volume exceeded $597 million. The majority of losses were from short positions — $428.9 million.
A popular market sentiment indicator slightly recovered — from 11 to 17 points. The indicator still remains in the extreme fear zone.
Source of Optimism
The rise in risk appetite occurred due to a temporary ceasefire between the US and Iran. US President Donald Trump stated that the parties agreed to a two-week ceasefire.
🚨 President Donald J. Trump makes a statement on Iran: pic.twitter.com/9mqTayL0Q3
— The White House (@WhiteHouse) April 7, 2026
“The reason for the ceasefire is that we have completed and overachieved all military objectives. We are now at an advanced stage of developing a long-term peace agreement with Iran. Iran has put forward 10 conditions, and we consider them an acceptable basis for dialogue,” he wrote.
Trump also published an official statement from Iran: Tehran guarantees safe passage through the Strait of Hormuz. Previously, the blockade of this strategic route caused sharp fluctuations in oil prices and disrupted global energy supplies.
Brent crude fell by 15% to $92 per barrel. WTI futures showed a similar trend, dropping by 16% to $94.7. Before the ceasefire, oil was trading above $100.
Despite the sharp rise in the crypto market, analysts are not convinced that the two-week ceasefire will lay the foundation for a change in the overall trend.
“Uncertainty about the fulfillment of conditions, the threat of new escalation, and macroeconomic pressure could limit growth if investor sentiment shifts,” noted LVRG director Nick Rack.
Zeus Research analyst Dominic John added that a sustainable rally will depend on stable macro conditions and structural capital inflows into the sector.
Back in April, Coin Bureau head Nick Pakrin called the Bitcoin level below $68,000 “dangerous.” According to him, a significant negative gamma has accumulated in the options market at this level, which could crash the price to $60,000.