Crypto Markets Rally on Trump's Iran Decision

President Donald Trump's decision to hold off on military strikes against Iran sent shockwaves through global markets, including cryptocurrencies. Bitcoin wobbled within a range of $62,890 to $63,700, with trading volume surging 19% over the 24-hour period.

Ethereum remained stable at around $1,800, while XRP and Dogecoin posted gains. The cryptocurrency market capitalization rose by 0.82%, reaching $2.17 trillion.

Despite the uptick in prices, sentiment remains bearish. According to Coinglass data, nearly $150 million was liquidated from the market in the last 24 hours, predominantly in short positions.

Crypto analyst Michaël van de Poppe believes that a sustained breakout above $67,000-$68,000 could trigger a 'strong and vital move' for Bitcoin. He cites record-low sentiment and high net negative positioning as indicators of an impending surge.