After dropping below the $100,000 mark for the first time in more than 46 days, bitcoin ( BTC) rebounded to end the week trading just above $107,000. The end of the Iran-Israel war, which appeared to escalate after the U.S. bombed three nuclear sites, allayed fears this could turn into a regional war.
Alarmed observers warned that a spiraling regional conflict, igniting Iran and its proxies against Israel and Arab nations accused by Tehran of facilitating Israeli air operations or hosting U.S. forces, would inevitably cripple the arteries of global trade. Although the conflict did appear to escalate after Iran retaliated by targeting U.S. bases in Qatar on June 23, just a few hours later a tenuous cease-fire appeared to be holding.
Indeed, moments after Iranian missiles targeted positions in Qatar, BTC, like other stocks and assets, marginally rose from just above $101,000 to over $103,700. However, some 48 hours later, BTC had risen to just below $108,000 before appearing to stabilize above the $107,000 mark.
Overall, the crypto market responded well to the news that Iran and Israel had agreed to a cease-fire and the fact that both countries have so far avoided carrying out strikes against each other. As shown by data, after dropping to approximately $3.2 trillion by June 23, the total crypto market capitalization had risen by roughly $200 billion to $3.4 trillion by June 28.
Meanwhile, the data shows HYPE to be the most notable gainer in the week, rising 7.2% to close at $36.64. Chainlink, which leads in decentralized finance (DeFi) development with 363.73 GitHub activities in 30 days, had the next highest-gaining top 20 token LINK, which went up by 5.3%. Solana ( SOL) followed, gaining 4.3%, while BCH, last week’s biggest gainer among the top 20 tokens, went up 4.2%.
On the losing side, Cardano ( ADA) topped the category, having dropped by 3% during the week, while Stellar ( XLM) was down by 1.4% over the same period. Meanwhile, Matchain, which dropped by just over 50% during the week, was the biggest loser, while Banana for Scale was the biggest gainer after going up by 119%.
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