Bitcoin, the largest cryptocurrency by market capitalization, has risen back above $105,000 following news of a ceasefire between Israel and Iran. This development has renewed investor confidence in the crypto market.
Price Surge of Bitcoin
The price of Bitcoin reached $105,927 within the last 24 hours, which is 3.9% higher than previous values. Currently, BTC is trading at $105,302. Over the past week, Bitcoin has faced pressures due to geopolitical events, but it is now regaining its market position.
Geopolitical Situation
Recent developments concerning the Israel-Iran conflict significantly impacted Bitcoin's price. After tensions escalated following U.S. airstrikes on Iranian nuclear sites, the price of BTC sharply declined. Israel accused Iran of violating the ceasefire, escalating tensions further.
Crypto Market on Alert
With the rise in Bitcoin's price, its market capitalization has increased by 3.24%, reaching $2.09 trillion. The overall cryptocurrency market cap also saw a 2.1% surge to $3.36 trillion following the ceasefire news. Investors remain cautious due to the ongoing conflict, monitoring the evolving situation.
The ceasefire situation between Israel and Iran temporarily improved market sentiment in the cryptocurrency space; however, ongoing uncertainties in the region continue to raise concerns among traders.
