The reason for the sudden surge in ETH last night is;
Trump announced a ceasefire between Israel and Iran, Bitcoin surged 5%, and short sellers faced severe losses!
Last night and this morning Beijing time, the geopolitical situation in the Middle East underwent a 180-degree turnaround.
After Iran carried out "limited retaliation" against the Qatari US military base, US President Trump posted on social media confirming that he had received prior notice from Iran and stated that the attack "did not cause any casualties on the US side". More importantly, Trump announced that Israel and Iran had reached a comprehensive ceasefire agreement.
In the early hours of June 24 Beijing time, Trump posted on his social media platform: "Congratulations to everyone! Israel and Iran have fully agreed to implement a thorough and comprehensive ceasefire (approximately 6 hours from now, at which point Israel and Iran will end and complete their ongoing final tasks!), lasting 12 hours, at which point this war will be considered over! Officially, Iran will begin its ceasefire, and at the 12th hour, Israel will begin its ceasefire, and at the 24th hour, the world will formally acknowledge the end of the 12-day war. During each ceasefire period, both sides will maintain peace and respect."
Previously, Iran's missile attack on the Qatari US military base led to a market decline, and Trump's statement was interpreted by the market as an important signal of easing tensions in the Middle East.
Market data showed that Bitcoin rebounded upon hearing the news. As of 6:30 AM Beijing time on the 24th, Bitcoin's price briefly surpassed $106,000, with a nearly 5% increase over 24 hours. Ethereum rose to $2400 per coin, with a daily increase of 7.76%. Other mainstream cryptocurrencies also saw increases of around 5%-8%. Solana led the altcoins with an approximate 10% increase. As of the time of writing, BTC slightly retreated to around $105,000.
