Crypto Market Soars Past $2.4T But Iran-US Tensions Cast Shadow

The crypto market has rebounded above $2.4 trillion, driven by a fresh wave of demand and institutional positioning.

The top 20 coins by market cap saw a 12% plus gain in the last 24 hours as prices broke out of their consolidation zones.

This surge was fueled by whale and institutional buying, with Bitcoin ETFs acquiring $517.2 million in spot inflows on Wednesday, the highest daily amount since early May.

The market's rebound has triggered a massive liquidation event, with over $2.73 billion in short positions being closed out across the crypto market.

However, the current recovery efforts may be at risk due to escalating tensions between the US and Iran, which could undermine bullish sentiment and potentially cause another pivot.