The cryptocurrency market experienced a collective upswing, resulting in more than 200,000 traders facing liquidation.

Influenced by tensions in the Middle East, the cryptocurrency market moved higher collectively. On the evening of March 23, Bitcoin saw a sudden surge, climbing over 3% within the day and briefly surpassing $71,000 per coin.

Additionally, Ethereum rose more than 4%, while BNB, XRP, and Dogecoin also advanced.

Data from CoinGlass indicated that over the past 24 hours, more than 200,000 traders in the cryptocurrency market were liquidated, with total liquidation amounts reaching $794 million. Of this, long position liquidations accounted for $430 million, and short position liquidations totaled $370 million.

On the news front, according to a Xinhua report, U.S. President Donald Trump stated on the 23rd that the U.S. is "very inclined to reach an agreement with Iran." Trump mentioned in an interview with American media that discussions with Iran were "very intense," and he was "hopeful about achieving some substantive results." Earlier, Trump had said that the U.S. and Iran had "very good and productive" talks over the past two days.

However, Iran stated that there are no dialogues occurring between Iran and the United States. Citing a senior Iranian security official, Iran's Tasnim News Agency reported that Iran is not currently negotiating with the U.S. and will not do so—suggesting that Trump's related remarks on social media might be part of a "psychological war."

Market views generally suggest that Middle East tensions are unsettling risk appetite, with geopolitical factors being a primary trigger for Bitcoin's significant rise. In the short term, the cryptocurrency market is expected to remain influenced by sentiment and event-driven factors, with volatility likely staying elevated. The future trajectory of Bitcoin hinges on whether uncertainties ease and if capital rebuilds risk appetite, which will directly determine if the market can regain upward momentum.

Furthermore, GTC Zebra Capital noted that against a backdrop of accumulating macro pressures, gold's performance has noticeably weakened, while Bitcoin maintains a liquidity-driven consolidation pattern. As real interest rates rise and inflation risks intensify, gold's appeal is diminishing, whereas Bitcoin remains in a typical cyclical adjustment phase. Overall, the market is shifting from traditional safe-haven logic towards an asset pricing model more sensitive to liquidity and interest rate environments.