The cryptocurrency market rose today, April 22, by 2.35% during the trading session, bringing the total market capitalization to $2.62 trillion. These gains led to a wave of liquidations, with Bitcoin (BTC) reaching its highest level in several months, while both Ethereum (ETH) and XRP experienced slight increases. This bullish momentum is expected to continue after President Donald Trump announced an extension of the ceasefire between the United States and Iran, which will increase demand for high-risk assets. The cryptocurrency market is experiencing a significant rise today, with liquidations exceeding $454 million.

The cryptocurrency market shows bullish indicators today, as all of the top ten coins, except Hyperliquid (HYPE), are trading in the green. Bitcoin's price has jumped to its highest level in several months, while Ethereum's price has risen to test the resistance level at $2,400. Additionally, the rise in XRP's price contributed to increasing its weekly gains to over 7%.

These gains led to a sharp increase in liquidations. Data from Coinglass shows that over the past 24 hours, $454 million was wiped out from the market through the liquidation of long and short positions. During this period, 107,771 traders were liquidated.

The price increase caused the closure of short positions worth $319 million. With these positions liquidated, buying pressure increased significantly, further boosting the rise.

The ongoing market recovery comes amid Trump's move to extend the ceasefire between the United States and Iran. Despite this extension, the US sanctions on the Strait of Hormuz remain in place, and uncertainty still surrounds the peace talks after Iran announced it would not participate in the second round of negotiations in Pakistan.

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