The cryptocurrency market witnessed a significant liquidation event as $150 million worth of short positions were closed following the announcement of a peace agreement between the United States and Iran. This development led to a surge in market optimism, driving up prices across various digital assets and catching short sellers off guard. The peace agreement, which marks a pivotal moment in US-Iran relations, has injected a wave of positive sentiment into global markets, including cryptocurrencies. Traders who had bet against the market were forced to cover their positions, contributing to the substantial liquidation volume.