$BTC
Bitcoin experienced a rebound after dropping below $100,000 for the first time in over 46 days, ending the week just above $107,000. The overall crypto market capitalization increased from approximately $3.2 trillion to $3.4 trillion in response to the Iran-Israel ceasefire news.
Ceasefire a Boon for Markets
After dropping below the $100,000 mark for the first time in more than 46 days, bitcoin ( BTC) rebounded to end the week trading just above $107,000. The end of the Iran-Israel war, which appeared to escalate after the U.S. bombed three nuclear sites, allayed fears this could turn into a regional war.
Alarmed observers warned that a spiraling regional conflict, igniting Iran and its proxies against Israel and Arab nations accused by Tehran of facilitating Israeli air operations or hosting U.S. forces, would inevitably cripple the arteries of global trade. Although the conflict did appear to escalate after Iran retaliated by targeting U.S. bases in Qatar on June 23, just a few hours later a tenuous cease-fire appeared to be holding.
Indeed, moments after Iranian missiles targeted positions in Qatar, BTC, like other stocks and assets, marginally rose from just above $101,000 to over $103,700. However, some 48 hours later, BTC had risen to just below $108,000 before appearing to stabilize above the $107,000 mark.