Suddenly, a massive surge! 81,300 traders liquidated! Major news from Iran and the United States!

Market Risk Appetite Recovers!

Today (March 10), as geopolitical risks temporarily ease, investor sentiment shifts from risk aversion to risk-taking. During the session, the cryptocurrency market rebounded sharply, with Bitcoin’s 24-hour increase exceeding 5%, and the price briefly surpassing $71,000.

This volatility in the crypto market led to many liquidations. CoinGlass data shows that over the past 24 hours, global crypto contract liquidations exceeded $300 million, with 81,300 traders liquidated. Among them, more than 60% were short positions liquidated.

In the US stock market, the three major indices opened mixed tonight: the Nasdaq up 0.1%, the Dow down 0.05%, and the S&P 500 down 0.05%. Storage concept stocks rose across the board, with Western Digital up over 4%, SanDisk and Micron Technology up over 3%.

Latest updates on Iran situation: According to CCTV News, U.S. President Trump on the 10th local time said there is a possibility of conditional negotiations with Iran. Iran launched the “Real Commitment-4” phase 34 offensive, using precision-guided missiles and super-heavy missiles weighing over 1 ton to strike U.S. and Israeli military bases.

Cryptocurrencies Rally Collectively

As tensions in Iran ease, the crypto market gains strength again. Bitcoin briefly broke $71,000 during the session, with a 24-hour increase exceeding 5%; Ethereum rose nearly 4%; XRP and Dogecoin surged over 5%; Solana and Cardano rose over 4%. As of 21:50 Beijing time on the 10th, Bitcoin was at $70,200, up 1.87% in 24 hours. Other cryptocurrencies: Hyperliquid up nearly 6%, Dogecoin up over 4%, XRP, Cardano, and Ethereum up nearly 2%, Solana up over 1%.

Earlier, Trump stated that the Iran conflict would be “resolved soon,” boosting market sentiment to reverse the risk-averse mode from Monday. Richard Galvin, co-founder of hedge fund DACM, said: “The market interprets Trump’s latest remarks as indicating that the Iran conflict may end sooner than expected. But the risk is that the market might misread Trump’s comments, or that Israel, the U.S., or Iran could escalate the conflict, eliminating options for de-escalation.”

On Monday, Trump attempted to ease market concerns about energy prices at a press conference at Mar-a-Lago, Florida. He said the government is “seeking to keep oil prices low” and hinted at possible exemptions from some oil sanctions, with U.S. Navy escorting oil tankers through the Strait of Hormuz.

As a result, the European Stoxx 600 index posted its largest single-day gain since April, and U.S. stock futures also rose. Brent crude oil prices fell more than 7% to around $91 per barrel, well below the $119.50 peak reached on Monday.

Since the U.S.-Israel airstrike on Iran on February 28, Bitcoin has shown relatively stable asset characteristics. Pratik Kala, head of research at Apollo Crypto, said: “After the outbreak of war, Bitcoin buying remained strong, with $68,000 providing solid support. If it can effectively break through $73,000, the next strong resistance is at $87,000.”

So far this month, Bitcoin has even outperformed traditional safe-haven assets like gold. Although Bitcoin dipped initially after the airstrike on Iran, it has still gained about 7% this month, while gold fell 2%.

Notably, Bitcoin volatility has increased significantly this week, with the 30-day implied volatility index reaching a two-week high. Since the sharp correction in October last year, this lack of sustained upward momentum has become the norm. Currently, Bitcoin is still down over 40% from its all-time high of $126,000.

Options market data shows traders continue to buy downside protection, with Bitcoin put options concentrated around the $60,000 level on Deribit.

When Will the Conflict End?

According to CCTV News, U.S. President Trump on the 10th said there is a possibility of conditional negotiations with Iran.

When asked if he is willing to dialogue with Iranian leaders, Trump said: “I hear they very much want to negotiate.” “It’s possible, depending on the conditions, but only possible.” Trump reiterated his dissatisfaction with Iran’s new Supreme Leader, Mullah Khamenei, and said: “I don’t believe he can live peacefully.”

According to Xinhua News Agency citing The Wall Street Journal on the 9th, several advisors recently urged President Trump privately to find a way out of the Iran conflict quickly, fearing soaring oil prices and prolonged conflict could trigger political backlash.

Sources said that multiple advisors have urged Trump to come up with concrete exit plans and demonstrate that U.S. military strikes on Iran have largely achieved their goals. The surge in oil prices above $100 per barrel has made these advisors cautious, with some Republicans beginning to worry about the upcoming midterm elections in November.

Economics advisor Stephen Moul said: “When gasoline and oil prices rise, everything else will follow. When affordability becomes an issue, it presents real challenges.”

Sources said Trump’s team recently concluded that, given many people are under pressure from rising oil prices, they need a more aggressive propaganda campaign to garner public support for the war.

Recent polls show that most Americans oppose the war.

Sources said that among conservatives in Trump’s camp, many still support the initial military actions, but some advisors worry that prolonged war could exhaust this support.

The Wall Street Journal reports that Trump’s statements on Iran have been contradictory. Last week, he sought Iran’s “unconditional surrender” and did not rule out deploying ground troops into Iran. On the 9th, he told the New York Post that such orders are “far from” being issued. On the 9th, Trump said in a press conference that U.S. military action against Iran would “end soon,” but added: “It can go further, and it will go further.”

Iranian Speaker Responds

Iranian Parliament Speaker Ali Larijani on March 10 said Iran “will never seek a ceasefire,” and must firmly retaliate against the “invaders.”

Larijani said on social media that Israel is trying to maintain a cycle of “war—negotiation—ceasefire—renewed fighting,” and “Iran will smash this cycle.”

According to Iranian media on the 10th, Deputy Foreign Minister Gharib Abadi stated that Iran’s current priority is “decisive defense,” and “the cessation of war is in Iran’s hands.”

Tasnim News Agency quoted Gharib Abadi as saying that some countries, including Middle Eastern nations, are in contact with Iran, hoping to facilitate a ceasefire. He emphasized: “If a ceasefire or suspension of conflict is reached now, and Iran is attacked again in six months, the ceasefire will be meaningless.”

Gharib Abadi also said: “Currently, Iran has no other priorities but to take decisive defensive measures to protect the country.”

On the same day, multiple Iranian media reported that the Iranian military issued Announcement No. 20, stating that the Iranian Air Force used drones to strike facilities including refineries and fuel depots in Haifa, northern Israel.

The Israeli Prime Minister’s Office issued a statement on the 10th, saying Prime Minister Netanyahu stated that actions against Iran “are not over.” The statement also said that Israel’s attacks have severely weakened Iran’s government capabilities. Israel hopes the Iranian people will “overthrow their leadership.”

Later on the afternoon of the 10th, Iran’s Islamic Revolutionary Guard Corps issued a statement confirming that Operation “Real Commitment-4” phase 34 has been officially carried out. During this operation, Iran used precision-guided missiles carrying over 1 ton of warheads to strike U.S. and Israeli military bases and related military support facilities.