On Thursday, major cryptocurrencies remained stagnant, with Bitcoin declining 0.76% to $77,336.44 and Ethereum falling 0.73% to $2,127.64. Despite the lack of movement in these leading cryptocurrencies, the overall cryptocurrency market capitalization increased to $2.59 trillion, up 0.89% in the last 24 hours. Analysts attribute the market's stagnation to prevailing 'fear' sentiments, as indicated by the Crypto Fear & Greed Index. Notably, about $100 million was liquidated across both long and short positions, highlighting the cautious trading environment. Michaël van de Poppe, a well-known cryptocurrency analyst, stated that a ceasefire in the Middle East could serve as a significant catalyst for the crypto market. He argued that such a ceasefire would alleviate macroeconomic pressures, potentially leading to lower oil prices and U.S. Treasury yields, which would support a rebound in altcoins. Meanwhile, Bitcoin miners are reducing reserves but not aggressively selling, indicating a lack of confidence that the market has reached a bottom.