Crypto Market Soars on Oil Price Drop and Short Liquidations

The crypto market has started the week on a strong note, with the total market cap rising around 5% to $2.93 trillion.

The rally is being driven by a sharp drop in oil prices, with Brent crude falling 2.80% to around $101 a barrel, easing fears of higher inflation pressure.

This comes after US President Donald Trump called off planned strikes on Houthi positions in Yemen at the last minute, which had been prepared for by the Pentagon after a request from Saudi Crown Prince Mohammed bin Salman.

The cancellation of the strikes and subsequent statement from the Houthis that they would not attack US vessels in the Red Sea further reduced concerns about a wider conflict that could disrupt oil supplies.