Crypto Market Rally Fades As Iran Breaks Ceasefire

Crypto market rally seems to be fading as Bitcoin and altcoins reverse gains partially on news of Iran breaking the ceasefire deal with Israel in the last hour. Mediated by US President Donald Trump on Monday, the Iran-Israel peace deal stands at a crossroads, while cryptocurrency market liquidations have soared to $500 million, as long-liquidations pick up over the past hour.

Crypto Market Liquidations Pick Up With Iran-Israel Peace Deal Off the Table

Crypto market volatility surges again as tensions escalate following Iran’s violation of the ceasefire, keeping peace talks off the table. Despite President Trump announcing a ceasefire and asking both sides to keep calm, the violation came within hours.

Israel’s defense minister announced that the military will launch “intense strikes on regime targets in Tehran” in response to Iran’s violation of the ceasefire.

After rallying past $106K levels earlier today, Bitcoin price has partially reversed gains, slipping under $105K as of press time. Popular crypto analyst Michael van de Poppe said that it is time to buy the dips. In a message on the X platform, Poppe wrote:

“Bitcoin has a trendswitch. It’s uptrending now, after we’ve had a massive liquidation crash taking place to sub $100K. It broke through $103K and hit the next resistance. Time to be buying the dip, so if we get to $103K, that’s the area you’d want to accumulate”.

Donald Trump Calls for Fed Rate Cuts

Discussions around Fed rate cuts have picked up pace with markets expecting a potential outcome in July. In his recent post on Truth Social, US President Donald Trump lashed out at Fed Chair Jerome Powell for his refusal to approve rate cuts at the June FOMC meeting. Trump wrote:

“No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make”.

Trump added that if things don’t look very good after rate cuts, Powell could increase them again, if required. “I hope Congress really works this very dumb, hardheaded person over. We will be paying for his incompetence for many years to come,” he added.