Crypto Markets Bounce, SEI Explodes by 41% Daily, But Warning Signs Quickly Pop (Market Watch)

It’s been a wild ride in the cryptocurrency market but, to be fair, the same is true in full force for legacy markets as well. The conflict between Iran and Israel is now receiving daily developments, with the latest news of a ceasefire sparking a quick recovery.

Bitcoin’s price tested $106K, while the majority of altcoins are marking recoveries across the board.

Bitcoin Touches $106K, But What’s Next?

As CryptoPotato reported earlier today, Bitcoin’s price hit $106,000 immediately after Donald Trump announced that there’s been an agreement for ceasefire between Israel and Iran that’s already “in effect.”

As seen in the chart below, the price rallied from a low of around $99,600 to a high above $106,000 in a matter of hours, sparking a considerable wave of short liquidations across the derivatives market.

At the time of this writing, BTC trades at around $105,400, up 3.9% in the past 24 hours. The cryptocurrency remains 1.3% down for the week but the recovery seems to have started and, hopefully, it will continue.

However, for this to happen, both Israel and Iran need to honor the agreement. Unfortunately, according to a report from CNN, Israel accused Iran of firing missiles and vowed to strike back, while Tehran denied violating the ceasefire agreement.

The market remains volatile and over $500 million worth of leveraged positions were liquidated over the past 24 hours, according to data from Coinglass.

Altcoins Bounce, SEI Explodes 41%

The large majority of altcoins has also staged a considerable recovery in the past day. In fact, all of the cryptocurrencies from the top 50 by market capitalization are charting gains.

The undeniable best performer is SEI, which skyrocketed by a whopping 41%, followed by Sonic (S), which is up 22% and Virtuals, which recovered by 20.3%.

At the time of this writing, there are no altcoins from the top 100 that are trading in the red, but the slowest performer seems to be Fasttoken (FTN), which is flat, followed by WhiteBIT Coin (WBT), which is up by 0.6%.