Bitcoin climbed from a 24-hour low of $68,900 to an intraday high of $72,699, then eased back to around $70,593, leaving it up nearly 5% on the day. Ether moved in the same direction. The source said ETH briefly reached $2,258 and was later trading near $2,170, with a 24-hour gain of roughly 7%. The sharp move higher was followed by a quick pullback, and leveraged positions were hit almost immediately.
$276 million in liquidations as long positions take the heavier damage
According to CoinGlass, 80,982 traders were liquidated across the market in the past 24 hours, with total liquidations reaching $276 million. Long liquidations accounted for $173 million, or 62.6% of the total, while shorts made up $103 million. The largest single liquidation came from a Hyperliquid BTC-USD position worth $20.33 million. In just the last hour, liquidations added another $23.51 million, almost entirely from long positions, a sign that traders chasing the rally were caught by the reversal.
Ceasefire headline drives a fast return in risk appetite
The immediate catalyst was Donald Trump’s announcement of a two-week ceasefire with Iran. After that headline, risk assets rebounded across global markets and crypto followed. The source also noted that oil moved the other way, with WTI crude falling more than 10% to about $95 per barrel. That drop cooled inflation concerns and helped lift appetite for risk. Bitcoin pushed through the $70,000 level and kept rising, while bullish momentum picked up again during Asian trading hours.
Tariff rollout adds pressure on the same trading day
The rally arrived alongside another market event. The report said April 9 marked the full implementation of the second phase of so-called reciprocal tariffs tied to “Liberation Day,” with more than 50 countries facing new tariff rates ranging from 10% to 50%. That left traders balancing two competing forces at once: relief from the ceasefire announcement and fresh macro pressure from tariffs taking effect.
Altcoins join the move, with ZEC up 23%
Strength was not limited to Bitcoin and Ether. XRP traded at $1.38 after moving between $1.30 and $1.39 during the day, while SOL was quoted at $79.83. ZEC led the broader market with a 23% daily gain. AI-related tokens including NEAR and RENDER posted gains close to double digits. Bitcoin dominance stood at 56.5%, suggesting that risk appetite improved, though the source did not describe the move as a full altcoin catch-up rally.
Fear gauge stays in extreme territory
Market sentiment remained weak despite the rebound. Alternative.me’s Fear and Greed Index came in at 14, compared with 17 a day earlier and 12 a week earlier, with all three readings still in the “Extreme Fear” range. In equities, the April 8 close showed broad gains: the S&P 500 rose 2.51% to 6,782, the Nasdaq gained 2.80% to 22,635, and the Dow advanced 2.85% to 47,909. The source also said spot Bitcoin ETFs recorded combined net inflows of $18.7 billion in Q1 2026. Even so, measured from the October 2025 all-time high of $126,272, BTC was still down 29% year to date.