In the 24 hours of June 23, the cryptocurrency market seemed to be pushed to the forefront by missiles from the Middle East and policies from the United States at the same time. Bitcoin (BTC) climbed from $101,130.53 to $105,070.00, an increase of 3.90%, like a resilient veteran; Ethereum (ETH) surged from $2,236.29 to $2,402.73, a rise of 7.44%, resembling a hero reversing the battlefield; Binance Coin (BNB) steadily increased from $619.06 to $640.08, up 3.39%, like a low-key survivor. Meanwhile, crude oil plummeted by 8.85%, gold rose slightly by 0.52%, and the S&P 500 in the U.S. stock market increased by 0.96%. This is not an ordinary K-line fluctuation; it is a grand drama in the cryptocurrency world intertwined with geopolitical fears and safe-haven sentiments!
💣 Missile Chaos: The 'Safe-Haven Counterattack' of Three Major Coins
On June 23, the flames of war reignited in the Middle East, with the U.S. launching a 'Midnight Hammer' airstrike on Iran's nuclear facilities, and Iran retaliating against a U.S. military base in Qatar, holding the global market in suspense. Bitcoin (BTC) took off from $101,130.53, hovering between $101,000 and $102,000 in the early morning, steadily climbing in the afternoon to a peak of $105,927.03, ultimately closing at $105,070.00, with a daily increase of 3.90%. Ethereum (ETH) performed even better, starting at $2,236.29, holding steady between $2,230 and $2,240 in the early morning, and then skyrocketing to $2,425.20 in the afternoon and evening, closing at $2,402.73, up 7.44%. Binance Coin (BNB) was not to be outdone, rising from $619.06 to $640.08, peaking at $643.42, with a daily increase of 3.39%.
Where is the fuse?
The U.S. B-2 bomber conducted airstrikes on Iran’s Fordow and other locations, but Iran's missile retaliation was intercepted by Qatar, preventing an escalation of conflict, yet safe-haven sentiments soared. BTC and ETH are viewed as 'digital safe-haven assets,' with a noticeable influx of funds. On platform X, someone joked, 'The missiles didn't hit the oil fields, they hit the K-line!' Although the fear index did not skyrocket, the market's resilience was evident, with a rebound in the closing session proving that buying funds had entered the market.
🌋 Aftermath of War: Crude Oil Dives, Gold Remains Calm
The Middle East situation pulls global nerves, but the impacts vary. Crude oil (Brent) dropped from $74.03/barrel to $67.48/barrel, plummeting 8.85% as concerns about supply eased after Iran's attacks did not affect energy facilities. Trump also stated, 'No increase in oil prices,' adding downward pressure. Gold remained stable, increasing slightly from $3,369.00/ounce to $3,386.47/ounce, up 0.52%, supported by safe-haven demand and inflation expectations. The S&P 500 in the U.S. stock market rose from 5,967.84 points to 6,025.17 points, up 0.96%, benefiting from easing conflicts and positive news about Tesla's robot taxis.
Magnifying Glass Effect in the Cryptocurrency Market
In the midst of turmoil in traditional markets, cryptocurrencies have become the 'new darling of safe havens.' On-chain data shows a surge in USDT and USDC trading volumes, with retail investors fleeing to stablecoins, while whales are seizing the opportunity to accumulate BTC and ETH. An X user exclaimed, 'Oil prices are dropping like crazy, but the cryptocurrency market is taking off!'
🚀 Regulatory Absence, Market Self-Rescue
During this volatility, there have been no new actions from the U.S. Senate, but the aftereffects of the (GENIUS Act) still linger, and the market capitalization of stablecoins has surpassed $25.17 billion. The trading volume on South Korea's Upbit exchange surged, with XRP/KRW trading volume skyrocketing, and speculative enthusiasm among Asian retail investors remains strong. The DeFi project 'YieldStar' in the Ethereum ecosystem has locked up $50 million, indicating that innovation has not stopped.
Whale Dynamics
On-chain data shows an increase in cold wallet transfers for BTC and ETH, indicating clear signs of institutions accumulating at lower levels. Grayscale's ETH trust had a net redemption of $15 million, but BTC ETF inflows reached $50 million, showing a divergence in long-term confidence.
📉 Aftermath and Outlook
In the past 24 hours, the three major coins rose against the trend, with BTC holding at $105,070.00, ETH stabilizing at $2,402.73, and BNB settling at $640.08. A total of $1 billion was liquidated across the network, with bulls accounting for 80%, and a single liquidation on HTX reached $35.45 million.
