Bitcoin, Other Cryptocurrencies Rise After Iran-Israel Ceasefire

Bitcoin prices gained sharply after falling below the $99k level mark as tensions in the West Asia region de-escalated. US President Donald Trump announced a ceasefire agreement between Israel and Iran on Tuesday. "The ceasefire is now in effect. Please do not violate it!" Trump said in a social media post.

Last week, Bitcoin prices reached below the psychological $99k level mark after the US launched targeted strikes on three major Iranian nuclear sites, intensifying tensions in the West Asia region. Iran later responded with a retaliatory attack, diminishing hopes of a potential breather in the conflict. It took less than a week for Bitcoin to experience a drop of over 5%. Other crypto coins, including XRP and Solana, followed the downward trajectory.

However, with hopes of a formal de-escalation in the Israel-Iran rift, the cryptocurrency market is once again gaining momentum.

The overall market capitalisation of cryptocurrencies rose to $3.25 trillion, marking a decent surge of 4.43%, as per CoinMarketCap. Bitcoin price stood at $105,313, experiencing a surge of 3.7% in the last 24 hours. The overall market capitalisation of the dominant cryptocurrency stood at $2.09 trillion. Ethereum witnessed an even steeper rise, trading at $2,418.59 price level, rising over 7.5%, as per CoinMarketCap.

Other cryptocurrencies, including XRP and Solana, surged over 9.33% and 7.2%, respectively.

So far this year, Bitcoin has remained highly volatile owing to fluctuating geopolitical events. On year-to-date basis, the king cryptocurrency has witnessed a double-digit rise of more than 12%.

Global equity markets also experienced a decent rise as investor hoped for a prospective ease in tensions. On Monday, the S&P 500 index witnessed a surge of 0.96%. Dow Jones followed suit, and increased by around 374 points or 0.89%.

However, banners of caution remain high for crypto traders as the situation in the West Asia region remains sensitive.