US President Donald Trump's vow to defend its allies in the Middle East has boosted cryptocurrency markets, with Bitcoin and other major coins experiencing significant gains. The pledge, made during a speech on October 9, has alleviated concerns over potential military conflict, which had been weighing on investors. This has led to a surge in buying activity, with Bitcoin rising 2.5% in 24 hours and Ethereum up 3.5%. The altcoin market has also seen gains, with several smaller coins experiencing double-digit percentage increases. The renewed optimism has put pressure on short sellers, who are facing liquidation as their positions become increasingly bearish.
This article is Bitcoincryptos' summary and analysis of reporting originally published by CoinDesk. Read the full original report at the link above.