Bitcoin Rallies 4% to $105,442 as Trump Announces Ceasefire

Bitcoin (BTC) experienced a significant recovery on Monday, rebounding from a weekend slump as market sentiment improved. The cryptocurrency had plummeted to multi-month lows following US airstrikes on key Iranian nuclear sites, as tensions between Israel and Iran escalated. However, the announcement of a ceasefire by President Trump turned the market sentiment positive, leading to a 4% rally in BTC, which reclaimed the $105,000 mark and settled at $105,442.

President Trump announced that Israel and Iran had agreed to a full ceasefire, halting what he referred to as “The 12-Day War.” The ceasefire was set to begin in two phases, with Iran observing the first 12 hours, followed by Israel. Trump also mentioned that Iran had notified the US about an attack on its military base in Qatar, with no reported casualties. This development followed a weekend of intensified hostilities, with both countries conducting air attacks and the US joining the conflict with precision strikes on Iranian nuclear facilities.

Michael Saylor, co-founder and Executive Chairman of Strategy, hinted at the company’s next Bitcoin purchase. Saylor posted a chart highlighting Strategy’s previous Bitcoin acquisitions, with the caption “Nothing Stops This Orange.” Saylor’s posts often precede major Bitcoin purchases, and under his leadership, Strategy has become the largest corporate holder of the asset, with 592,100 BTC worth around $60 billion at current prices. Saylor’s latest post came after an investor sued him and top company executives, claiming they breached their fiduciary duties before reporting a multi-billion dollar Bitcoin loss in Q1 results. The complaint alleges that Strategy enacted a Financial Accounting Standards board rule allowing corporate holders of crypto to use the estimated market value of their crypto in their balance sheets.

Crypto entrepreneur Anthony Pompliano raised $750 million to take his crypto firm, ProCap, public in the US by merging it with the blank-check firm Columbus Circle Capital Corp. The merged companies will debut as ProCap Financial Inc., with over $1 billion in Bitcoin on its balance sheet. The merger is expected to close before the end of the year, with Pompliano leading the new firm. ProCap will focus on acquiring BTC for its balance sheet and developing products and services to generate revenue. ProCap’s plan to acquire $1 billion worth of BTC will place its holdings as the eighth-largest among public firms.

Bitcoin (BTC) started the new week positively as bullish sentiment returned after President Trump announced that Israel and Iran had agreed to a complete ceasefire. The flagship cryptocurrency spent the weekend in the red as market sentiment worsened due to the unfolding crisis in the Middle East. The US also joined the conflict on Sunday when it conducted precision strikes on key Iranian nuclear sites. BTC and the crypto market plummeted as the conflict threatened to spiral out of control, causing BTC to fall below $100,000 and reach a low of $98,385 before rebounding to reclaim $100,000. The ceasefire announcement saw market sentiment turn bullish, pushing BTC past $105,000 on Monday.

BTC started the previous weekend in positive territory despite plunging to a low of $102,854. The price recovered from this level to register a marginal increase, reclaim $106,000, and settle at $106,106. BTC fell back into the red on Saturday, dropping 0.59%, but registered a marginal rise on Sunday to end the weekend at $105,561. BTC raced to an intraday high of $108,939 on Monday but could not stay at this level and settled at $106,808, ultimately registering an increase of 1.18%. Price action turned bearish on Tuesday, falling over 2%, slipping below the 20-day SMA and settling at $104,519. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising 0.35% to $104,884.

However, sellers were back in control on Thursday as the price registered a marginal decline to skip below $105,000 and settle at $104,631. BTC raced to an intraday high of $106,513 on Friday as buyers attempted to overwhelm sellers. However, it lost momentum after reaching this level and dropped 1.19%, slipping below the 20-day SMA and settling at $103,388. Sellers retained control on Saturday as the price fell 1.17% and settled at $102,180. BTC plunged to an intraday low of $98,385 on Sunday as market sentiment worsened. However, it rebounded from this level to reclaim $100,000 and settle at $100,982. BTC opened the current week in positive territory as markets bounced back, rallying over 4% to reclaim $105,000 and settle at $105,422. The current session sees BTC marginally down as buyers and sellers struggle to establish control.