The cryptocurrency market has gone through a massively volatile 48 hours in the context of recent geopolitical events.

As CryptoPotato reported yesterday, the price of bitcoin dropped to $35,000 on a 10% red candle in response to Russia’s decision to invade Ukraine following Putin’s call for a military operation. Today, however, things are different.

The broader cryptocurrency market is painted green as major currencies post double-digit gains and recovery from yesterday’s bloodbath. In less than 24 hours, BTC is up over 10%, trading above $39,000 and eyeing the key psychological level of $40,000. It remains to be seen whether the current bullish momentum will get him there. Chart by TradingView

The rest of the market is also painted green. Ethereum is up 11%, BNB – 8.5%, XRP – 10.6%, SOL – 9.2% and so on. One thing that needs to be noted though, is that in the last 24 hours there has been a huge amount of short positions being liquidated.
According to according to Coinglass data, the previous day, $400 million was liquidated, and 67% of it was short positions. FTX is the only exchange where there were more long liquidations. SPECIAL OFFER (sponsored)
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