Bitcoin Tests $106K on Middle East Ceasefire Agreement 

US President Donald Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day war, late on Monday.

Trump took to his social media network, Truth Social, to state, “It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE.”

Trump on the Israel/Iran ceasefire just now: pic.twitter.com/ixibGX3k5v

— The Kobeissi Letter (@KobeissiLetter) June 24, 2025

Iranian officials earlier confirmed that Tehran had agreed to a ceasefire, reported Reuters, which added that the country’s foreign minister said “there would be no cessation of hostilities unless Israel stopped its attacks.”

Bitcoin Reacts

Bitcoin prices have surged around 6% since the announcement a few hours ago, climbing from just over $100,000 to come just shy of $106,000 during Asian trading on Tuesday morning.

The asset cooled a little, falling back to just over $105,000 at the time of writing. It has now recovered all losses over the past few days and returned to its range-bound channel.

BTC fell below six figures for the first time since early May on Monday following US airstrikes on Iranian nuclear facilities. However, it did not stay below $100,000 for very long.

S&P 500 futures also rose marginally late on Monday, suggesting traders expect the US stock market to open with gains on Tuesday.

MN Capital founder Michaël van de Poppe said that now the sounds of World War III are fading, “macroeconomic tables should be shifting.” The dollar will continue falling, the Renminbi will break out, gold consolidates, and rates are going to fall. Meanwhile, “Bitcoin and crypto go into the biggest bull cycle ever.”

Crypto Markets Recover

Crypto markets gained around $170 billion over the past 12 hours or so as total capitalization returned to $3.35 trillion.

NEWS: The total crypto market cap is up 2.3% today after Trump announces “complete and total” ceasefire between Israel and Iran

Will the green momentum continue? pic.twitter.com/XQAhRxIRhs

— CoinGecko (@coingecko) June 24, 2025

Ethereum posted a strong recovery, gaining 7% to reclaim $2,400; however, it now needs to top support turned resistance at $2,500 to fully recover.

Other altcoins posting solid gains were Solana up 7.6%, Sui up 11.5%, Chainlink climbing 10.7%, Avalanche up 8.5%, and Hedera gaining more than 12% over the past few hours.