Bitcoin (BTC) staged a violent rebound on April 8, surging from the previous day's low of around $65,000 to a local high of $72,700. As of 09:15 UTC+8, BTC was trading at $71,701, up 4.54% in 24 hours, with its market cap recovering to $1.43 trillion. Ether (ETH) followed suit, briefly breaking above $2,260 and last changing hands at $2,240.82, gaining 6.35%. Its market cap stood at $270.3 billion, with $23.2 billion in 24-hour trading volume. From the low point, the bounce exceeded 10%, a powerful move that caught many bears off guard.
120,000 Traders Liquidated in 24 Hours, Shorts Bear the Brunt
According to CoinGlass, total liquidations across all exchanges in the past 24 hours hit $600.3 million, with 120,205 positions wiped out. Short positions accounted for $430.98 million (71.8%) of the total, while longs saw $169.35 million liquidated (28.2%). By asset, BTC shorts lost $216.81 million, ETH shorts $98.87 million. The largest single liquidation was a BTCUSDT contract on Binance worth $11.79 million.
Geopolitical Thaw: Pakistan Proposes 2-Week Extension to Iran Ultimatum
The main catalyst behind the rally was a perceived de-escalation in the Middle East. The U.S.-Iran standoff entered its seventh week, with President Trump's ultimatum for Iran to reopen the Strait of Hormuz set to expire tonight. Pakistan stepped in to propose a two-week extension, which markets interpreted as a near-term cooling of tensions. Risk assets immediately attracted bids. U.S. equities also stabilized on April 7: the S&P 500 closed at 6,593 (-0.29%), the Nasdaq at 22,017.85 (+0.10%), and the Dow at 46,584.46 (-0.18%), echoing the crypto rebound.
Altcoins Follow Suit: SOL, XRP Recover
Solana (SOL) was trading at $84.83, up 6.28% in 24 hours, with a market cap of $48.5 billion. XRP rose 3.73% to $1.37, market cap $84.1 billion. The broad-based nature of the bounce suggests it was not a BTC-only affair.
Fear Index at 17; Ultimatum Deadline Tonight Remains Key Risk
Despite the sharp rally, the Crypto Fear & Greed Index stood at 17 (extreme fear), up from 11 the previous day but still signaling deep caution. The key variable remains tonight's deadline for Iran's ultimatum. If negotiations fail or conflict escalates, risk appetite could quickly reverse. JPMorgan CEO Jamie Dimon warned that a truce does not mean inflation is over, and macro pressures persist. Whether this rebound is a technical squeeze or the start of a trend reversal will be tested by tonight's geopolitical headlines.