Bitcoin Recovery: Ceasefire Agreement Helps BTC Rise Above $107,000

Bitcoin has bounced back after falling below $100,000 for the first time in over 46 days, ending the week at above $107,000. The total market capitalization of the crypto market increased from around $3.2 trillion to $3.4 trillion following news of a ceasefire between Iran and Israel. Ceasefire is a benefit for the crypto market. After falling below the $100,000 level for the first time in over 46 days, bitcoin ( BTC ) has bounced back and ended the trading week above $107,000. The end of the Iran-Israel conflict, which seems to have escalated after the U.S. bombed three nuclear sites, has eased concerns that this could turn into a regional war. Observers are concerned that escalating regional conflict, igniting Iran and its proxy forces against Israel and Arab nations accused by Tehran of facilitating Israeli air operations or hosting U.S. forces, will certainly paralyze the arteries of global trade. Although the conflict appears to have escalated after Iran retaliated by targeting U.S. bases in Qatar on June 23, just hours later, a fragile ceasefire seems to be holding. Indeed, just after the Iranian missile targeted positions in Qatar, BTC, like other stocks and assets, rose slightly from just over $101,000 to more than $103,700. However, about 48 hours later, BTC had risen to just below $108,000 before seemingly stabilizing above $107,000. Overall, the crypto market reacted positively to the news that Iran and Israel have agreed to ceasefire and the fact that both countries have so far avoided carrying out attacks on each other. According to data, after falling to around 3.2 trillion dollars on June 23, the total market capitalization of the crypto market has increased by about 200 billion dollars to 3.4 trillion dollars on June 28.

Meanwhile, data shows that HYPE is the most notable price-increasing coin of the week, rising 7.2% and closing at $36.64. Chainlink, a leader in decentralized finance (DeFi) with 363.73 activities on GitHub in the past 30 days, has LINK as the second highest price-increasing coin in the top 20, rising 5.3%. Solana ( SOL ) follows, increasing by 4.3%, while BCH, the largest price-increasing coin of the previous week among the top 20 coins, rose by 4.2%. On the losing side, Cardano ( ADA ) tops the list, falling 3% over the week, while Stellar ( XLM ) decreased by 1.4% during the same period. Meanwhile, Matchain, which fell more than 50% over the week, is the biggest losing coin, while Banana for Scale is the biggest gaining coin after increasing by 119%.