Bitcoin Rebound After 46 Days Below $100,000

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 that this could turn into a regional war.

Alarmed observers warned that a spiraling regional conflict, igniting Iran and its proxies against Israel and certain 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 escalated 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.

Overall, the crypto market responded well to news of the Iran-Israel cease-fire and the avoidance of strikes between the countries. After dropping to approximately $3.2 trillion by June 23, the total crypto market capitalization had risen by roughly $200 billion to $3.4 trillion by June 28.

Meanwhile, HYPE emerged as the most notable gainer of the week, rising 7.2% to close at $36.64. Chainlink, which leads in decentralized finance (DeFi) development with 363.73 GitHub activities in 30 days, was the second highest-gaining top 20 token LINK, which went up by 5.3%. Solana (SOL) followed, gaining 4.3%, while BCH, last week’s biggest gainer among top 20 tokens, went up 4.2%.

On the losing side, Cardano (ADA) topped the category with a drop of 3% during the week, while Stellar (XLM) decreased by 1.4%. Matchain was the biggest loser, dropping just over 50%, while Banana for Scale was the biggest gainer after increasing by 119%.