Crypto continues to thrive following the announcement of a ceasefire between Iran and the United States, with the combined market capitalization returning above its crucial level of $2.5 trillion, which has often served as a springboard for a run towards $3 trillion. BTC USD continues to lead the way with another +6% daily pump, taking it to $72,500.
To confirm the renewed positive sentiment surrounding the market, the Fear & Greed crypto index has more than doubled since last week, sitting at 17/100, and while this still represents “extreme fear”, it is up from 8/100 just four days ago.
With the ceasefire announcement, oil prices fell, with crude falling from $112 yesterday (April 7) to just over $94 today. The reopening of the strait relieved pressure on oil and allowed investors to speculate in crypto again.
(SOURCE: CoinGecko)
The total crypto market cap has returned to over $2.5 trillion: next $3 trillion?
The market is rebounding strongly on the ceasefire announcement, and while many believe it may not last a full two weeks, investors appear unbothered as 24-hour trading volume has surpassed $119 billion, with buyers stepping in at these reduced prices to send BTC USD back above $71,000 and the Ethereum price above $2,200.
Two of the biggest gainers today are MONAD (up +24%) and AVAX-based decentralized exchange token JOE, which is up 70% as money begins to flow into on-chain ecosystems again.
The combined market capitalization has not reached $3 trillion since mid-January this year, when it spent a few days between $3 and $3.2 trillion before beginning its downward spiral to $2.15 trillion on February 3.
Oil down, crypto up: is a return to digital assets underway?
BREAKING: Saudi Arabia’s East-West pipeline carrying 7 million barrels per day of crude oil from the Gulf to the Red Sea has been attacked, per FT.
Details include:
1. The pipeline was reportedly hit by a drone and the damage is being assessed
2. The attack on vital people…
– Kobeissi Letter (@KobeissiLetter) April 8, 2026
With the confirmation of the two-week ceasefire, the panic over oil prices due to the closure of the Strait of Hormuz subsided, as the strait reopened as part of the negotiations, sending crude oil from $112 per barrel to $93.2 overnight. This -17% drop overnight has only given crypto traders more confidence as prices continue to soar.
However, WTI, the benchmark for U.S. crude, is still well above the $67 level it was at on Feb. 27, before the war began. Brent crude futures, the global oil benchmark, fell 14% overnight to $93.8 a barrel.
One thing to watch regarding the price of oil is that the UAE, Saudi Arabia and Iran still appear to be at odds, with @KobeissiLetter on X declaring during the American stock market session that Saudi Arabia’s East-West pipeline carrying 7 million barrels per day of crude oil from the Gulf to the Red Sea has been attacked.
The pipeline was reportedly hit by a drone and the damage is currently being assessed. Worryingly, this attack on vital infrastructure comes just hours after Iran and the United States agreed to a ceasefire deal.
It will be worth keeping an eye on how this story develops, because if the ceasefire was already on shaky ground, the early stages of this BTC and USD-led crypto rebound could be stopped in its tracks.
(SOURCE: Business Economics)
DISCOVER: The next crypto will explode in 2026
Can BTC USD continue its rise towards $80,000?
BTC USD surged to over $72,000 during today’s trading session in New York as oil fell below $100 a barrel after US President Donald Trump confirmed a two-week ceasefire with Iran.
Following this pump, over $278 million in short positions have been liquidated in the past 24 hours, as bulls once again begin to take control of the charts. This brought the total liquidations in the crypto market over the past 24 hours to $630 million.
Analysts believe that Bitcoin price needs to decisively break through the $72,500-$76,000 range to confirm a true trend change, ensuring that this is not just another dead cat bounce.
Most of the bullish liquidity for $BTC was removed.
There is a pool of liquidity around the $73,000-$73,500 level that the MMs could exploit.
After that, there will be significant liquidity pools below the $71,000 level, which could be the next target. pic.twitter.com/pJb8um3diB
– Ted (@TedPillows) April 8, 2026
However, prominent analyst
He notes that there are pockets of liquidity below $71,000, which could be the pullback level if BTC USD cannot close above $76,000. If this level is revisited, it could open up the possibility of a return below $70,000.
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Total crypto market cap returned above $2.5 billion: $80,000 BTC USD Next? appeared first on 99Bitcoins.
