Middle East ceasefire ignites risk appetite, with BTC briefly breaking $72.5k and rising over 5% in 24 hours; mainstream coins like ETH follow the rally, but there were 120k liquidations and $598 million forced liquidations, with 72% of open interest in short positions, indicating a typical short squeeze. Hong Kong's "Stablecoin Regulations" are fully implemented, establishing the world's first specialized regulatory framework with high licensing requirements and transparency, benefiting compliant institutions and Hong Kong dollar stablecoins, while negatively impacting unlicensed stablecoins.

Trading Suggestions
Short-term: Driven by sentiment and capital, consider reducing positions near $72k and avoid chasing highs; strictly control leverage on derivatives and set proper stop-losses.
Mid to long-term: Focus on licensed stablecoins and compliant infrastructure in Hong Kong; institutionalization and regulation are the trend.