Ceasefire Sparks Rebound in Crypto Market
(MENAFN) Digital assets such as Bitcoin experienced significant downturns throughout the 12-day confrontation between Israel and Iran.
However, the announcement of a "ceasefire" brought a noticeable revival in prices across the cryptocurrency sector.
Cryptocurrencies are considered volatile financial tools, and they tend to lose value amid escalating geopolitical unrest.
The onset of Israel’s aerial bombardments at "midnight on June 13" triggered a fall in Bitcoin’s valuation, dropping from USD107,000 to USD102,000.
Simultaneously, the overwhelming majority of alternative coins recorded reductions surpassing 10 percent.
The pessimistic sentiment continued as retaliatory strikes between the two nations persisted, keeping upward momentum in the digital currency market constrained.
On June 22, the digital currency sphere hit its lowest point when the United States initiated "airstrikes on Iranian nuclear facilities."
This event caused a dramatic plunge in many altcoins, with losses exceeding 30 percent.
During this stretch, the overall capitalization of the crypto market shrank from a rough estimate of USD3.4 trillion to USD3 trillion, marking a record low.
Following the announcement of a ceasefire, the sector began to recover. Bitcoin surpassed USD106,000 once again—nearing its value before the two-week clash.
Altcoins surged by over 20 percent, with many returning to their valuations seen before the escalation.
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