The global cryptocurrency market surged on June 24 after U.S. President Donald Trump announced that Iran and Israel had tentatively agreed to a ceasefire following nearly two weeks of escalating conflict.
According to Reuters, Trump revealed that diplomatic efforts—facilitated by the U.S. and Qatar—helped broker the truce. While the Iranian side expressed conditional willingness to halt attacks, Israel has not yet officially confirmed the agreement. Early Tuesday, Iran reportedly launched a few more missiles, keeping tensions high despite the hopeful announcement.
Bitcoin, Ethereum, and Altcoins Rally
The crypto market responded immediately to the news. After a turbulent weekend triggered by fears of prolonged Middle East warfare, investor sentiment improved dramatically:
Bitcoin (BTC) surged 3.7% to hit $105,000
Ethereum (ETH) jumped 7% to $2,396
Solana (SOL) gained 7.8%
XRP followed with a 6% increase
Overall, the total crypto market cap rose 2.4%, reaching $3.35 trillion.
Sentiment Shift: Fear Turns to Greed
Market psychology flipped overnight. According to Alternative’s Crypto Fear & Greed Index, investor sentiment leaped from “Neutral” to “Greed”, climbing 18 points to 65. Other key indicators also showed improvement:
RSI across major tokens rose to 58 (neutral zone)
Open interest grew by 4% to $135 billion
Liquidations dropped 24% to $481 million, signaling fewer forced sell-offs
Context: From Tension to Optimism
Just days ago, crypto markets were bleeding. A U.S. airstrike on Iranian nuclear sites had triggered a broad selloff:
BTC dropped nearly 4% to $98,615
Ethereum and Solana plunged up to 10%
Nearly $1 billion in long positions were liquidated
Market cap shrunk by $40 billion in one day
This sudden recovery shows how sensitive crypto remains to geopolitical headlines.
What’s Next? Cautious Optimism Remains
While Trump said the deal was coordinated with Israeli Prime Minister Benjamin Netanyahu, official confirmation from both sides remains pending. Iranian officials have hinted at pausing aggression—if Israel also holds off.
Traditional markets reacted positively too:
S&P 500 futures rose 0.4%
Oil prices dropped as fears of Gulf shipping disruptions eased
However, uncertainty still lingers. Whether the ceasefire will hold is unclear, and traders remain watchful.
