Geopolitical sudden positive news causes the crypto market to soar 🚀

In the past 24 hours, the total crypto market capitalization increased by 4.67%, returning to $2.32 trillion.
More notably—
Over the past week, the correlation between the crypto market and the SPDR S&P 500 ETF Trust (SPY) reached 78%.
This indicates one thing:
The current market trend is fundamentally driven by macro factors, not just crypto narratives.
Main catalyst
Reportedly, after the death of Iran’s Supreme Leader, tensions between the US and Iran are interpreted by the market as potentially easing, and traders are beginning to bet on a shortened conflict cycle.
Secondary driver
A full-scale short squeeze has erupted.
Within 24 hours, Bitcoin short liquidations reached as high as $1.5668 billion.
The Fear and Greed Index is only 16, with extreme fear fueling a rebound.
What’s next?
If the traditional markets open on Monday confirming “ceasefire expectations,” the total market cap could challenge the $2.54 trillion resistance.
If it falls below $2.17 trillion, downside pressure may reassert itself.
In one sentence:
This isn’t a retail sentiment rally; it’s a macro + short squeeze double resonance. #crypto