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The cryptocurrency market moved higher today, with total market value climbing about 2.7% to roughly $2.38 trillion. Flagship cryptocurrency Bitcoin is up around 3%, trading above $70K. While other major cryptos such as Ethereum, XRP, Solana, BNB, and Hyperliquid have also climbed between 3% and 11%
So, what is the reason why the crypto market is up today?
Key Reasons Why The Crypto Market is Up Today?
Oil Prices Fall 30% After G7 Reserve Announcement
One of the major factors behind the crypto market rally, is the move is the sudden drop in oil prices. Crude oil fell roughly 30% within 24 hours, sliding from $119.48 to about $88.30
The drop followed a G7 and International Energy Agency announcement to release 400 million barrels of oil from reserves.
G7 finance ministers said the coordinated move aims to stabilize energy markets during tensions involving the U.S., Israel, and Iran
Trump Signals Iran War May End Soon
Another factor pushing the crypto market up today is the latest comments by Donald Trump, who said the war with Iran could end “very soon.”
Speaking in Miami, Donald Trump said the Iran conflict may not end this week, but could finish soon. He also warned that the United States could take further military action if necessary.
And noted that the United States had not yet targeted some of Iran’s sensitive infrastructure, including its electricity network.
Liquidations Add Fuel to the Rally
Derivatives market activity added further upward pressure on prices. CoinGlass data shows 81,675 traders were liquidated in 24 hours, with total liquidations reaching about $327.15 million.
Bitcoin accounted for roughly $117 million of those liquidations; Ethereum also recorded notable liquidations.
While crude oil futures tied to the CL contract saw about $66.63 million in forced position closures.
What Next For Bitcoin?
Recently, Bitcoin’s circulating supply passed 20,000,003 coins after 17 years of operation. This is due to the halving system that reduces mining rewards every four years, which now stands at 3.125 BTC per block. The final 1 million bitcoins will take more than 100 years to be mined.
Meanwhile, Bitcoin is approaching the $70,000 level, an area where the price has faced repeated rejection in recent weeks.
If Bitcoin breaks above $70,000 with strong trading activity, the price may move toward $74,000 and possibly $79,000 afterward.