Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Cryptocurrency markets rebounded during the early Asian trading session on June 24, triggered by US President Donald Trump’s declaration that a ceasefire had been achieved between Israel and Iran.
On June 24, Trump shared on Truth Social:
“CONGRATULATIONS TO EVERYONE! It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE.”
This surprising turn of events aided in reversing losses within the crypto market and instigated a rapid increase in the value of key digital currencies.
As per data from CryptoSlate, Bitcoin led the recovery, climbing 3% to regain levels surpassing $105,000, just days after momentarily falling below the $100,000 mark.
Other leading digital currencies by market capitalization experienced even more significant gains, with Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) rising by 6% to $2,417, $0.58, and $0.16, respectively.
Remarkably, Solana (SOL) and XRP outshined the overall market, surging over 7% each. Solana surpassed $144, while XRP was trading at $2.18 at the time of reporting.
In the meantime, the abrupt price increase caught numerous short sellers by surprise, leading to the liquidation of short positions worth more than $370 million across the crypto landscape.
Related Posts
Crypto Market Liquidation Heatmap (Source: CoinGlass)
Traders who were betting against Ethereum faced the most significant losses, with liquidations exceeding $119 million. Short positions in prominent altcoins such as Solana, XRP, and Cardano contributed over $40 million to the total losses.
Market analysts suggest that the swift reaction underscores how sensitively digital assets respond to geopolitical occurrences.
Valentin Fournier, a senior analyst at BRN, informed CryptoSlate that Trump’s ceasefire announcement quickly altered investor sentiment, despite neither nation involved having provided official confirmation.
Fournier warned that while markets are rallying based on the ceasefire news, similar agreements have historically been temporary. Nonetheless, he acknowledged that the sharp recovery indicates that fear may have peaked, and numerous altcoins could be set for additional gains if tensions remain subdued.
He remarked:
“Our overweight on Solana paid off, as it outperformed both BTC and ETH, confirming its role as a high beta leader in recovery phases.”
The post XRP leads crypto market rally as Iran-Israel’s tentative ceasefire lifts sentiment appeared first on CryptoSlate.
