The cryptocurrency market exhibits significant fluctuations, especially in light of recent news regarding the conflict between Iran and Israel. Bitcoin is once again drawing attention as it reaches new heights.
Bitcoin Reaches $106K
Bitcoin tested the $106,000 level following Donald Trump's announcement of a ceasefire agreement between Israel and Iran. Within hours, the price surged from around $99,600 to over $106,000, triggering a significant wave of short liquidations in the derivatives market. As of now, Bitcoin is trading around $105,400, up 3.9% in the past 24 hours.
Altcoins Show Impressive Gains
According to the latest data, most altcoins have also posted notable recoveries. All cryptocurrencies from the top 50 by market capitalization are showing positive results. The standout performer was SEI, which soared by 41%, followed by Sonic with a 22% increase and Virtuals at 20.3%.
Market Remains Volatile
Despite the positive news, the market remains highly volatile. According to Coinglass, over $500 million in leveraged positions were liquidated in the past 24 hours. Israel accused Iran of violating the ceasefire agreement, which may impact future market movements.
The cryptocurrency market is showing activity in response to global events, but risks related to political instability remain. Monitoring further news and market movements is advisable.
