Suddenly there was a big rally in the crypto market, Bitcoin crossed $74,000

Bitcoin prices surged above $74,000 today after a sudden surge. The blockade by US troops in the Strait of Hormuz triggered a series of leveraged short liquidations, which is why the crypto market is seeing a rally.

Crypto Prices Today: Suddenly there was a big rally in the crypto market, bitcoin crossed $74,000, what is the reason?

The crypto market is witnessing a major rally today, April 14th. Following the failure of peace talks between the United States and Iran, the cryptocurrency market experienced a significant decline. Bitcoin's price had reached close to $70,000. However, today, a sudden surge has seen the price of Bitcoin and other cryptocurrencies surge. The crypto market cap rose 4.19% to $2.52 trillion. What happened so suddenly that cryptocurrencies, which were facing pressure, are experiencing a significant surge?

Bitcoin crosses $74,000

Bitcoin prices rose 4.63% today to $74,313.43. This rally began yesterday evening. US President Donald Trump ordered the US Navy to blockade the Strait of Hormuz. Following this order, risk-on assets initially faced significant pressure. Even in this pressure environment, Bitcoin held above $70,000. The price remained above the level. This led to a reduction in liquidated short positions worth approximately $6 billion, and the resulting buying fueled the crypto market rally. This rally is expected to continue.

Ethereum jumps 7%

Ethereum surpassed Bitcoin in terms of returns today. Ethereum's price reached $2,365.33 after a 7.81% return over the past 24 hours. This surge was driven by an announcement from Bitmain Immersion Technologies. Bitmain has now announced its largest ETH purchase since December 2025. Last week alone, they purchased 71,524 ETH.

Will this boom continue?

The crypto market is experiencing a significant rally due to the sudden surge in inflows. However, the duration of this rally depends on market conditions. The current war between the US and Iran has fueled uncertainty. While investors were distancing themselves from risky assets like cryptocurrencies, the situation now appears to be changing.