Data from The Block’s crypto price page revealed that Bitcoin witnessed a 4.5% increase in the last 24 hours, trading at $105,458. This increase comes after a previous dip to around $100,500 earlier on Monday. Ethereum recorded a more significant gain of 8.86%, trading at $2,424.5.

Several altcoins also reflected this uptrend. For instance, XRP surged by 7.4% to $2.16, while Solana saw a remarkable 9.85% jump to $144.8. The GMCI 30 Index, a measure of the top 30 cryptocurrencies’ performance, gained 7% in the past day.

“With the easing of tensions in the Iran-Israel conflict, capital flowed back into the market,” noted Vincent Liu, Chief Investment Officer at Kronos Research. “Institutions held steady while Bitcoin surged past $106K, driven by renewed confidence and geopolitical relief.”

The longstanding dispute between Iran and Israel had recently escalated, involving multiple missile and drone strikes. This conflict had initially caused the crypto market to falter. However, President Trump’s announcement on Monday evening about an Iran-Israel ceasefire gave the market a welcome boost.

Liu from Kronos Research believes the market is now poised to see if this peace agreement-induced rally will evolve into a sustained bull run. “The focus now shifts to follow-throughs, institutional ETF purchases, unfolding trade talks, and the strength of the dollar. While the ceasefire sparked the rally, macro signals will keep it alight,” he added.

Disclaimer: The Block is an independent media portal providing news, research, and data. As of November 2023, Foresight Ventures is The Block’s major investor. Foresight Ventures also invests in other crypto companies. Crypto exchange Bitget is a primary LP for Foresight Ventures. Despite these affiliations, The Block strives to provide objective and timely information about the crypto industry. This article is for informational purposes only and should not be construed as financial, investment, legal, or tax advice.

The post Bitcoin and Ethereum Surge Following Iran-Israel Ceasefire Announcement by Trump: Analyst’s View appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Bitcoin (BTC) reclaimed its position at $106,000 on Monday after a temporary slide to below $98,500 on Sunday, a first in 45 days. Market tensions eased as US President Donald Trump declared a complete ceasefire between Israel and Iran. Traders are now contemplating whether Bitcoin can surge towards $110,000 or if the risk of a downside still persists.

Despite the fluctuating prices, Bitcoin’s derivatives market remained resilient. The price shift resulted in $193 million worth of bullish leveraged Bitcoin positions being liquidated, equivalent to 0.3% of total futures open interest. The current $68 billion in leveraged positions has barely changed since Saturday.

Notably, the 4.4% fall in Bitcoin’s value over a 12-hour span isn’t considered drastic by historical standards. Similar downturns have occurred thrice in the past month. However, traders fear that prolonged conflict in Iran can put a strain on the global economy, encouraging investors to adopt a more conservative, risk-averse stance.

There was speculation about potential disruptions to mining operations in the region due to a significant decline in Bitcoin’s hashrate. Between Sunday and Thursday, the hashrate dipped 8%, from 943.6 million terahashes per second (TH/s) to 865.1 million TH/s.

In the meantime, oil prices plummeted on Monday after peaking at $77 on Sunday. This coincided with a 1% increase in the S&P 500 index. Traders are now speculating on the likelihood of the US Federal Reserve (Fed) reducing interest rates soon.

While it might be premature to assume that Bitcoin will surge to $110,000 based solely on the hope of Middle East de-escalation, the quick recovery above $100,000 suggests that institutional interest in Bitcoin remains strong, even amidst global tensions.

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