Sudden surge! Over 200,000 people liquidated!

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【Introduction】Cryptocurrency market surges collectively, over 200,000 liquidated

China Fund Reporter Li Zhi

Affected by Middle East tensions, the cryptocurrency market rises across the board!

On the evening of March 23, Bitcoin suddenly surged, rising over 3% intraday, briefly breaking through $71,000 per coin.

Additionally, Ethereum increased by over 4%, with BNB, XRP, Dogecoin, and others also climbing.

CoinGlass data shows that over the past 24 hours, more than 200,000 traders were liquidated in the crypto market, with total liquidation amounting to $794 million, including $430 million in long positions and $370 million in short positions.

On the news front, according to Xinhua News Agency, U.S. President Trump said on the 23rd that the U.S. is “very interested in reaching an agreement with Iran.” In an interview with U.S. media, Trump stated that discussions with Iran are “very intense,” and he is “hopeful about achieving some substantive results.” Earlier, Trump mentioned that the U.S. and Iran had engaged in “very good and productive” dialogue over the past two days.

However, Iran has stated that there is no dialogue between Iran and the U.S.

According to Iran’s Tasnim News Agency, citing a senior Iranian security official, Iran is not currently negotiating with the U.S. and will not do so—Trump’s comments on social media may be “psychological warfare.”

Market opinions generally believe that the Middle East tensions increase risk appetite, and the main trigger for Bitcoin’s sharp rise is geopolitical factors. In the short term, the crypto market will continue to be influenced by sentiment and events, with volatility likely remaining high. The future trend of Bitcoin depends on whether uncertainties ease and whether funds re-establish risk appetite, which will directly determine whether the market can regain upward momentum.

Additionally, GTC Zehui Capital believes that amid ongoing macroeconomic pressures, gold’s performance has noticeably weakened, while Bitcoin remains in a liquidity-driven consolidation pattern. As real interest rates rise and inflation risks intensify, gold’s attractiveness diminishes, and Bitcoin remains in a typical cyclical consolidation phase. Overall, the market is shifting from traditional safe-haven logic to a pricing model more sensitive to liquidity and interest rate environments.

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Editor: Song Yafang