Why Is the Crypto Market Up Today?

On April 8, the crypto asset market surged past $2.40 trillion after a two-week ceasefire between the US and Iran triggered a 5.26% jump from the April 6 close, forcing the liquidation of leveraged positions worth US$596 million across the derivatives market.

Bitcoin rose to $71,295, extending its seven-day gain to 5.4%, while Zcash (ZEC) became the top gainer among the top 100 assets with a breakout of 27%, supported by the highest daily volume in nearly a month.

Today's News:-

Morgan Stanley launched a spot Bitcoin exchange-traded fund (ETF) (MSBT) on NYSE Arca on April 8 with a fee ratio of 0.14%, making it the cheapest Bitcoin ETF on the market and the first from a major Wall Street bank. The company's wealth management network, valued at US$4 trillion, now has direct and regular access to Bitcoin.
The US and Iran agreed to a two-week ceasefire mediated by Pakistan on April 7, with peace talks scheduled for Friday in Islamabad. Oil prices dropped 8% to around US$103 per barrel following the announcement, and Iran committed to reopening the Strait of Hormuz with military coordination.
Circle launched Stablecoin Payouts service for Circle Mint Singapore partners, expanding USDC-based cross-border payment infrastructure into Asia.
Crypto Market Rallies After Ceasefire Triggering Risk-On Rotation

The total market capitalization of crypto assets stood at US$2.41 trillion on April 8 after a 5.26% rally from the April 6 close. The positive announcement between the US and Iran at the end of April 7 was the main trigger, as risk capital flowed back into digital assets after weeks of caution due to the conflict.

This rally pushed TOTAL above the exponential moving averages (EMA) 20-day and 50-day, which are trend indicators smoothing price data to detect momentum changes, for the first time since mid-March.

Want more token insights like this? Sign up for the Crypto Daily Newsletter by Editor Harsh Notariya here.

However, the market briefly gave back some gains after reaching US$2.45 trillion, which now acts as resistance for further rally continuation. #GateSquareAprilPostingChallenge