Crypto continues to flourish following news of a ceasefire between Iran and the US, with the combined market cap back over its crucial $2.5 trillion level, which has often served as a springboard for a run toward $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 crypto Fear & Greed Index has more than doubled since last week, sitting at 17/100, and while that still represents ‘Extreme Fear’, it is up from 8/100 just four days ago.
With news of the ceasefire, oil prices have tanked, as crude fell from $112 yesterday (April 7) to just over $94 today. The Strait’s reopening has taken the pressure off oil and allowed investors to speculate in crypto once more.
Total Crypto Market Cap Back Over $2.5 Trillion: $3 Trillion Next?
The market is bouncing hard on news of the ceasefire, and while many believe it may not last the full two weeks, investors are seemingly unbothered, as 24-hour trading volume spiked above $119Bn, with buyers stepping in at these discounted prices to send BTC USD back over $71,000 and the Ethereum price above $2,200.
Two of the biggest gainers today are MONAD (up +24%) and the AVAX-based decentralized exchange token, JOE, which is up a staggering +70% as money begins to flow back into on-chain ecosystems once more.
The combined market cap hasn’t reached $3 trillion since the middle of January this year, when it spent a few days ranging between $3 and $3.2 trillion before beginning its downward spiral to as low as $2.15 trillion on February 3. Being back over $2.5 trillion could spark a run back toward $3 trillion, especially if the ceasefire holds.
Oil Down, Crypto Up: Is a Flight Back to Digital Assets Happening?
BREAKING: Saudi Arabia’s East-West oil 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 struck by a drone and damage is being assessed
2. The attack on vital…
— The Kobeissi Letter (@KobeissiLetter) April 8, 2026
With the two-week ceasefire confirmed, panic over oil prices due to the closure of the Hormuz Strait has cooled, as the Strait reopened as part of the negotiations, sending crude oil tanking from $112 a barrel to $93.2 overnight. This overnight -17% dump has only given crypto traders more confidence, as prices continue to soar.
However, WTI, the US crude benchmark, is still well above the $67 level it settled at on February 27, before the war began. Brent crude futures, the global oil benchmark, dropped -14% overnight, to $93.8 a barrel.
One thing to watch regarding the oil price is that the UAE/Saudi Arabia, and Iran are still seemingly at loggerheads, with @KobeissiLetter on X reporting during the US trading session that Saudi Arabia’s East-West oil pipeline carrying 7M barrels per day of crude oil from the Gulf to the Red Sea has been attacked.
The pipeline was reportedly struck by a drone, and damage is currently being assessed. Worryingly, this attack on vital infrastructure comes just hours after Iran and the US agreed on the ceasefire deal
It will be worth keeping an eye on developments for this story, as if the ceasefire is already on shaky ground, the early stages of this BTC USD-led crypto rebound could be halted in its tracks.
DISCOVER: Next Crypto to Explode in 2026
Can BTC USD Continue its Climb Back Toward $80K?
BTC USD surged to over $72,000 during today’s New York trading session as oil fell below $100 per barrel following US President Donald Trump’s confirmation of a two-week ceasefire with Iran.
As a result of the pump, over $278M in short positions have been liquidated in the last 24 hours, as bulls begin to wrestle control of the charts once more. This brought the total liquidations across the crypto market over the last 24 hours to $630M.
Analysts believe the Bitcoin price must decisively break the $72,500- $76,000 range to confirm a true trend change, ensuring it isn’t just another dead cat bounce.
Most of the upside liquidity for $BTC has been taken out.
There's one liquidity cluster around the $73,000-$73,500 level, which MMs could tap.
After that, there are big liquidity clusters below the $71,000 level, which could be the next target. pic.twitter.com/pJb8um3diB
— Ted (@TedPillows) April 8, 2026
However, prominent X analyst @TedPillows is warning that most of the upside liquidity has been taken out with this pump above $72,000 and believes that there could be one more push toward $73,000-73,500, before it comes crashing back down.
He notes that there are liquidity pockets below $71,000, which could be the pullback level if BTC USD can’t close above $76,000. If that level is revisited, it could open the possibility of a drop back below $70,000.
EXPLORE: Top Crypto Presales to Watch Now
Follow 99Bitcoins on X (Twitter) For the Latest Market Updates, and Subscribe on YouTube For Daily Expert Market Analysis.
The post Total Crypto Market Cap Back Above $2.5T: $80K BTC USD Next? appeared first on 99Bitcoins.