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Bitcoin (BTC) Neared $80K as the US and Iran Extended the Ceasefire: Your Weekly Crypto Recap
TL;DR
Bitcoin neared $80K following the extension of the US-Iran ceasefire, causing significant volatility in the crypto market. The price briefly surpassed $79,500 but retraced below $78,000, while altcoins like MemeCore surged 24%.
Key points
- Bitcoin neared $80,000 due to US-Iran ceasefire extension
- Liquidations reached almost $500 million after BTC surged
- BTC briefly climbed above $79,500 before retracing
- Altcoins like MemeCore saw significant gains
- Israel-Lebanon ceasefire extended by three weeks
Mentioned in this story
United StatesIranIsraelLebanonDonald Trump
The tension, and more specifically the recent signs of de-escalation, in the Middle East have sparked another wave of volatility across the broader cryptocurrency market.
Recall that on April 22, Bitcoin (BTC) shot above $78,000 after US President Donald Trump revealed that the ceasefire with Iran had been extended. The sudden uptrend negatively affected traders who had opened too risky positions with high leverage, as liquidations over 24 hours reached almost $500 million.
The uptrend continued, and BTC briefly climbed above $79,500 (the highest level since late January) but couldn’t reclaim the psychological $80,000 level and retraced below $78,000. The past 24 hours saw another resurgence, with the valuation once again pumping beyond $78K.
Meanwhile, POTUS recently revealed that the Israel-Lebanon ceasefire will be extended by three weeks after talks at the White House. The temporary peace could further calm investors and create conditions that support a continued recovery in the crypto sector.
While BTC has spiked 4% over the past week, many altcoins have posted much more substantial gains. The trending MemeCore (M) is up 24% after hitting a new all-time high above $4.60 and solidifying its position as the second-biggest meme coin.
Monero (XMR), Zcash (ZEC), and Stellar (XLM) are also well in green territory, soaring between 5% and 9%. On the contrary, Aave (AAVE) and Worldcoin (WLD) have plummeted by 17% each over the last seven days.
Cryptocurrency Market Overview Weekly April 24; Source: QuantifyCrypto
Market Data
Market Cap: $2.691T | 24H Vol: $93B | BTC Dominance: 58.1%
BTC: $78,200 (+4%) | ETH: $2,320 (-0.6%) | XRP: $1.44 (-1%)
Q&A
What caused Bitcoin to approach $80,000 recently?
Bitcoin's rise towards $80,000 was driven by the extension of the ceasefire between the US and Iran, which eased market tensions.
How much did Bitcoin liquidations reach after the price surge?
Liquidations reached almost $500 million within 24 hours following Bitcoin's price surge above $78,000.
What is the current price trend of altcoins compared to Bitcoin?
While Bitcoin has increased by 4% over the past week, many altcoins, including MemeCore, have experienced much larger gains.
What recent developments occurred regarding the Israel-Lebanon ceasefire?
The Israel-Lebanon ceasefire was extended by three weeks after discussions at the White House, contributing to a calmer investment environment.
