Bitcoin climbed above $76,000 on April 17, while Ether moved up to test the $2,400 level as crypto markets staged a sharp rebound. Data from CoinGlass showed total liquidations across the market reached $637.71 million over the past 24 hours, with 193,557 traders forced out of positions as short trades were caught in the move.
Middle East developments lifted risk appetite
The rally followed signs of easing tensions in the Middle East. According to the source material, reports of a ceasefire in Lebanon and the reopening of the Strait of Hormuz helped improve sentiment across global risk assets. Crypto reacted quickly. Around 21:10 Taiwan time on April 17, heavy buying entered the market and pushed BTC through the $76,000 mark, setting a new high for the recent rebound.
Ether joined the advance near a key resistance level
Ether moved in step with Bitcoin and broader market momentum. ETH advanced toward the $2,400 resistance area, showing that the rebound was not limited to a single asset. The move in the two largest cryptocurrencies pointed to a broader recovery in market appetite rather than an isolated price spike.
Derivatives market saw a wave of forced liquidations
As spot prices surged, pressure spread quickly through the derivatives market. CoinGlass data showed total crypto liquidations rose to $637.71 million in 24 hours, equivalent to about NT$20.5 billion in the source material. The number of liquidated traders reached 193,557. Judging from the scale of the liquidations and the speed of the price move, traders holding short positions were hit hardest during the rally.