Bitcoin managed to reclaim its previous spot above $105,000 following a miraculous rebound as tensions cool between Israel and Iran after the U.S. ushers in a ceasefire.
According to data from crypto.news, BTC (BTC) experienced a price surge following news of a ceasefire between Israel and Iran. The largest cryptocurrency by market cap almost touched the $106,000 threshold, reaching as high as $105,927 in the past 24 hours.
At press time, BTC has gone up 3.9% and is currently trading hands at a price of $105,302. Throughout the past week, Bitcoin has suffered through the geopolitical events that have broken through between Israel, Iran and the United States. Within the past few days, BTC fell into a slump following news of the U.S. bombing three of Iran’s nuclear bases.
On June 22, BTC experienced a sharp decline, dropping well beyond it previous peak of $106,003 just two days prior. On June 23, Bitcoin reached its lowest point since May, dropping to $98,974.
BTC has gone down 1.2% in the past week and 3.6% in the past two weeks. The past month has seen the cryptocurrency fall by nearly 2%.
Not only that, Bitcoin’s market cap also enjoyed a 3.24% boost, climbing up to $2.09 trillion following the recent price surge. Additionally, BTC’s trading volume also saw a 6.9% increase compared to the previous day, amounting to $52.8 billion based on current market prices.
Even the wider crypto market cap has experienced a 2.1% surge after news of the ceasefire broke, amounting to $3.36 trillion.
A ceasefire signal between Israel and Iran may have eased investor concerns for now. Crypto markets often recover quickly when geopolitical fears recede. However, traders still have their eyes on the continuing conflict between Israel and Iran.
Despite the agreed upon deal between the two countries, brokered by Donald Trump and Qatar, Israel’s Defence Minister Israel Katz accused Iran of violating the ceasefire only two hours after the deal was announced.
According to the BBC, despite Iran furiously denying the accusation, Israel plans to “respond forcefully to Iran’s violation of the ceasefire with intense strikes” targeting the nation’s capital in Iran. It remains to be seen whether Israel will follow through with the threat, and how it will affect Bitcoin and the wider crypto market.
