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Crypto markets rally as Trump announces two-week Iran ceasefire
Digital assets spiked as a surprise geopolitical de-escalation triggered $600 million in liquidations, sending Bitcoin toward $73,000 and boosting altcoin demand.
Apr 8, 2026, 10:30 a.m.
What to know:
- Bitcoin (BTC) jumped to approximately $72,700, while ether (ETH) rose 6% to reach $2,250. Despite the gains, analysts note BTC must break $75,000 to escape its current multi-month trading range.
- Over $600 million in futures bets were liquidated in 24 hours, with bearish short positions accounting for $420 million of the total as the sudden de-escalation reversed the market’s downward momentum.
- Privacy coin zcash (ZEC) surged 23%, leading an altcoin rally alongside monad (MON) and layerzero (ZRO), while AI-focused tokens like NEAR and RENDER approached double-digit gains.
The market remains trapped in the same range it has been since early February despite the overnight rise. Bitcoin will need to trade above $75,000 to confirm a breakout, while a rejection here could signal a move back to around $65,000.
Traders will be waiting cautiously for the ceasefire to end in a fortnight’s time to see whether a deal can be reached or the conflict will start up again.
Oil dipped heavily following the the news, with brent crude now trading at $94 per barrel, down from Tuesday’s high of $114.
Derivatives positioning
- Nearly $600 million in crypto futures bets have been liquidated for margin shortages in 24 hours. Bearish short positions account for over $420 million fo the tally, which shows that leveraged was skewed bearish likely anticipating intensification of military conflict between the U.S. and Israel. However, the ceasefire announcement caught the bears on the wrong side of the market.
- Still, cumulative open interest in crypto futures has increased by 7% to $114.26 billion, the highest since March 17, indicating renewed capital inflows.
- Ether open interest (OI) up 6% to 14.22 million ETH, the highest since March 29. This plus positive perp funding rates (longs paying shorts) and a positive 24-hour cumulative volume delta (CVD) scream traders bidding hard for upside.
- Bitcoin’s market displays a similar profile, with OI rising 1% alongside bullish funding rates and CVD.
- ZEC stands out with annualized perpetual funding rates at minus 56%. It shows that traders are aggressively chasing bearish short positions.
- Bitcoin’s 30-day implied volatility index, BVIV, continues to slide and has dropped to 46%, the lowest since Jan. 31. This signals market calm and bolsters the bullish case for spot prices.
- Ether’s 30-day implied volatility continues to fall as well, but remains slightly elevated relative to bitcoin.
- On Deribit, the relative richness of bitcoin and ether puts keeps narrowing versus calls, as the U.S.-Iran ceasefire clears the way for bullish spot price action.
- Block flows featured demand for ether strangles, a volatility-focused strategy.
