Market Overview - The global cryptocurrency market capitalization increased by 4.15% in the past 24 hours to $3.77 trillion, indicating a shift in market sentiment from bearish to bullish [1] - Bitcoin surpassed the $111,000 mark with a gain of 4.3%, while Ethereum rose 5.2% to exceed the psychological $4,000 barrier [1] Liquidations and Open Interest - The market-wide bullish momentum led to $521 million in liquidations within 24 hours, comprising $182 million in long positions and $338 million in short positions [2] - The total open interest in the market increased by 5.8% to $155 billion, suggesting that traders are engaging in high-risk trading with a strong sentiment [2] Historical Context - On October 11, the crypto market experienced $19.35 billion in liquidations, marking the largest wipe-out in the industry's history, following tariff threats from US President Donald Trump [3] - This event resulted in a significant $400 billion selloff in the digital asset ecosystem, but experts believe a deal may be forthcoming as tensions cool [3][4] Upcoming Events - The US Federal Reserve is set to host its "Payments Innovation Conference" on October 21, featuring executives from major crypto companies such as Chainlink, Paxos, Coinbase, and Circle, focusing on crypto payments and stablecoin use cases [5] - A roundtable discussion with pro-crypto Senate Democrats, led by Senator Kirsten Gillibrand, will take place on October 22, involving industry leaders like Brian Armstrong and Sergey Nazarov, which could positively influence market sentiment [6]