- XRP leads top cryptocurrencies’ recovery.
- Oil slid on news of an Israel-Iran ceasefire.
- Digital assets wobbled as Iranian missiles tested the truce.
XRP’s jumped 9.2% over the past 24 hours after US President Donald Trump announced a ceasefire on Monday between Israel and Iran.
The Ripple-linked cryptocurrency led a recovery in the top 10 digital assets, although the gains may be short-lived if the cease fire fails to hold.
“The Iran-Israel ceasefire sparked a swift surge in sentiment and liquidity into crypto markets,” Vincent Liu, chief investment officer at Kronos Research, a crypto research firm, told DL News.
“But for this trend to sustain, it may need an extra lift in the future, whether progress in trade talks or a pullback in dollar dominance.
Risk-on assets like stocks and cryptocurrencies surged as Trump announced the ceasefire. Brent crude slid almost 5% in early Asian trading and briefly dropped below levels not seen before Israel attacked Iran’s nuclear sites on June 13.
Gold, which is a safe haven asset, dropped over 1%.
“The Iran-Israel ceasefire has meaningfully reduced immediate geopolitical risk, prompting a broader shift back toward risk-on sentiment across global markets,” Philipp Pieper, co-founder of Swarm Markets, a blockchain-based finance firm, told DL News.
“We’re seeing Bitcoin respond accordingly, trading more like a high-beta tech asset than a hedge asset, or at least in the short term. At the same time, the brief drop in Iran’s hashrate during the escalation highlighted just how physically tethered parts of the crypto infrastructure are to the real world.”
While de-escalation in the conflict has provided a breathing space for the market, it’s a fragile relief, Simon Peters, crypto analyst at eToro, the trading platform, told DL News.
“Either side breaking the terms of the ceasefire however could cause markets to retreat, unwinding the rally we’ve seen over the past 24 hours,” he said.
Other price drivers
The conflict in the Middle East is not the only key driver of crypto prices this week.
“Outside of geopolitics, markets will be waiting to see what Trump does about imposed tariffs, as the 90-day reciprocal tariff pause is due to expire in the coming weeks,” Peters said. “This could also prompt some market volatility, as we have seen previously.”
Investors also anticipate the release of key economic data this week.
That includes new US gross domestic product data on Thursday, Federal Reserve Chair Jerome Powell’s testimony before congress onTuesday and Wednesday, and consumer spending figures being released on Friday.
Crypto market movers
- Bitcoin is up 3.7% over the past 24 hours to trade at $105,281.
- Ethereum is up 7.5% to trade at $2,417.
What we’re reading
- Ledger launches new one-tap recovery key for crypto wallets — DL News
- Reddit Explores Iris-Scanning Tech to Verify Humanity Online — Unchained
- Goldman Sachs and Citadel back crypto firm Digital Asset in $135 million funding round — CNBC
- Should we be worried about Iran? — Milk Road
- Solana copycat Gorbagana reaches $60m as joke turns serious — DL News
Eric Johansson is DL News’ interim managing editor. Got a tip? Email at eric@dlnews.com.
