Leading cryptocurrencies staged a strong relief rally on Wednesday, while the stock market also closed higher even as the Middle East war entered its fifth day.

Crypto Spike Wipes Millions In Shorts

Bitcoin rebounded to $74,000 for the first time in a month, with trading volume surging 52% over the last 24 hours. 

Ethereum teased $2,200 fueled by similar buying pressure, while XRP and Solana also rallied.

Nearly $600 million was liquidated from the market in the last 24 hours, according to Coinglass, with $477 million in bearish shorts alone wiped out.

Open interest in Bitcoin futures exploded 11.49% over the last 24 hours. Interestingly, retail derivative traders on Binance bet on an…

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