Oil Price Slump Ignites Cryptocurrency Rally as Short Liquidations Fuel Gains

The global cryptocurrency market has kicked off the week on a strong note, with its total market capitalization rising by around 5% to $2.93 trillion.

The sharp increase in market value is largely attributed to a decline in oil prices, which fell by 2.80% to around $101 a barrel.

This decrease came after US President Donald Trump called off planned strikes on Houthi positions in Yemen at the last minute, easing concerns of higher inflation pressure.

Furthermore, short liquidations added fuel to the crypto rally, with over 115,490 traders being liquidated and total liquidations reaching $769.80 million.