Bitcoin Surges on Reported Iran/Israel Ceasefire, Hits $106K: Crypto Market Reacts to Peace News
The crypto market experienced another wild price swing late in the U.S. day on Monday after President Trump took to Truth Social to proclaim a "complete and total" ceasefire between Iran and Israel.
"It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now)," wrote Trump.
The news sent bitcoin (BTC) soaring, with the cryptocurrency rising nearly 3% on the announcement, topping $106,000 after having plunged to as low as $98,500 just 24 hours ago. At press time, the price had pulled back slightly to $105,300.
U.S. stock index futures also posted gains of about 0.5% across the board, while the price of crude oil continued to tumble, dropping further to just $65 per barrel after topping $75 earlier in the day.
The move in some altcoins was even more dramatic, with ether (ETH), XRP (XRP) and solana (SOL) among those seeing gains of 8%-10%.
In the minutes following the president's announcement, there was some confusion as to whether there was indeed a ceasefire agreement, but Reuters is now reporting that a senior Iranian official has confirmed that Tehran has agreed to a proposed ceasefire with Israel.
As the crypto market continues to be highly volatile, traders are advised to stay cautious and monitor the latest news developments closely.
