The crypto market surged rapidly! Over the weekend, Iranian officials sent a peace signal to the CIA, with hopes for easing US-Iran tensions. Global risk-averse sentiment eased, oil prices fell back from the $120 highs to around $101, and risk assets rebounded strongly.

Bitcoin led the charge, breaking through the 50-day moving average ($71,125) in a short timeframe and holding steady, with prices surging to $73,000 - $75,000 highs, with significant short liquidation amplification effects. Meanwhile, spot Bitcoin ETFs continued to see net inflows of nearly $170 million, with institutions continuously adding positions.

Additionally, the scarcity narrative of the 20 millionth Bitcoin approaching mining, the CLARITY Act advancing, and lower FOMC rate cut expectations reducing opportunity costs, jointly drove the total market cap to surge 24 hours to approximately $2.39 trillion, with major cryptocurrencies rallying in sync!