Hassan Maishera
TL;DR
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BTC surged to the $106k level late on Monday amid a ceasefire between Israel and Iran.
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Altcoins are also rallying higher, with bets now suggesting the Fed could cut rates soon.
BTC Surges to $106k Amid Middle East Ceasefire
The cryptocurrency market is currently in the green following a bearish weekend. Bitcoin, the leading cryptocurrency by market cap, surged by 4% on Monday to hit the $106k mark for the first time this week.
BTC has slightly retraced and now trades at $105,732 per coin. The positive performance comes after President Trump announced a ceasefire between Israel and Iran.
Cryptocurrency traders are now weighing whether Bitcoin can push toward $110,000 or if downside risks still linger.
Market participants are also anticipating rate cuts from the Federal Reserve soon. CME Group’s FedWatch tool revealed that the probability that the Fed will maintain its current 4.25% interest rate through November has dropped to 8.4%, down from 17.1% a few days ago.
53% of traders also believe that the Fed could drop the interest rate to 3.75% or lower by November, up from 38% a week ago.
While speaking to Cryptowisser on the current market volatility, Andrejs Balans, Risk Manager at YouHodler, said,
“In the near term, we can expect continued volatility. If tensions escalate or Iran retaliates, crypto prices may fall further as investors move their money toward safer assets. Although crypto is decentralized, it remains vulnerable to global instability. In times like these, we often see traders turning to stablecoins as a way to preserve capital.
Looking further ahead, the picture is more complicated. Heightened geopolitical risk can drive more interest in assets like Bitcoin, which some consider a hedge against uncertainty. At the same time, sharp price swings and liquidation risks may keep institutions from expanding their exposure.”
Altcoins Rally Higher
With BTC hitting $106k, altcoins are also in the green. Ether, the second-largest cryptocurrency by market cap, has surged by 7% in the last 24 hours and is now approaching $2,500.
Solana and XRP are the best performers in the top 10, both up 8.6%. XRP is now trading at $2.19 while Solana’s SOL is approaching $150. Thanks to the ongoing rally, the total cryptocurrency market now stands at $3.26 trillion.
