Bitcoin surged to roughly $65,800 after President Donald Trump announced a peace agreement with Iran, a development that lifted the total crypto market capitalization by almost $60 billion and nudged it up 1.56% to about $2.24 trillion.
Market Capitalization Surge
The announcement, posted on Trump’s Truth Social platform, confirmed the completion of the Iran deal, the reopening of the Strait of Hormuz, and the lifting of the U.S. naval blockade. Traders anticipate a formal signing ceremony in Switzerland on Friday, which helped restore risk appetite across crypto investors.
Leading Coins Rally
Bitcoin’s price jump was accompanied by a 36% surge in trading volume over the preceding 24 hours, signaling renewed liquidity on the blockchain market. Ethereum followed suit, climbing to $1,730, while XRP and Dogecoin also recorded notable gains.
Risk Dynamics
Coinglass data shows that more than $333 million in positions were liquidated in the last day, including approximately $239 million of short bets that were caught on the wrong side of the rally. Bitcoin’s open interest rose 2.57%, indicating fresh participation from bullish investors, yet the Crypto Fear & Greed Index remains in “Extreme Fear,” suggesting lingering caution.
Analyst Outlook
Analyst Michaël van de Poppe highlighted that Bitcoin’s breach of the $64,000 threshold marks a pivotal moment for the asset’s momentum. He warned that sustained investor confidence will be essential for maintaining the current upward trajectory in the volatile crypto market.