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Highlights
- The Bitcoin price has reclaimed the psychological $107,000 level while altcoins are also in the green.
- This comes following a WSJ report that Iran is looking to de-escalate hostilities with Israel.
- The crypto market recorded a massive decline last week following Israel's first strike against Iran.
The crypto market is in the green today, with Bitcoin and altcoins witnessing a reversal from the losses they recorded towards the end of last week. This comes amid reports that Iran is looking to de-escalate hostilities between it and Israel and the US by proxy.
Crypto Market Records Gains Amid Potential Iran-Israel Peace Talks
CoinMarketCap data shows that the crypto market is up over 2% today, with a market cap of $3.35 trillion. The flagship crypto Bitcoin has led this rebound with the BTC price reclaiming the psychological $107,000 level.
The flagship crypto has already surged to an intraday high at around $107,800, having dropped to as low as $104,500 earlier in the day. The Ethereum price has also rebounded and is looking to reclaim the $2,700 level. Other major altcoins like Solana, XRP, and Binance Coin (BNB) are also in the green.
This development comes amid a WSJ report that Iran is looking to make peace with Israel and the US. The report revealed that Iran has been urgently signaling that it seeks an end to hostilities and resumption of talks over its nuclear programs.
The Arab nation has sent messages to Israel and the US via Arab intermediaries, according to Middle Eastern and European officials. The report also stated that Tehran has told Arab officials that it would be open to returning to the negotiating table with the US as long as Donald Trump and his troops don’t join the attack.
Iran has also told Israel that it is in the interest of both sides to contain the violence and strikes that began last week. However, an Al-Jazeera journalist has reportedly refuted the WSJ’s claims that Iran is seeking to have peace talks with Israel and the US.
The crypto market had witnessed a massive decline towards the end of last week when Israel first struck Iran on June 13. Bitcoin dropped to as low as $102,800 following the strike. However, the flagship crypto has since recovered well despite retaliatory strikes that went on through the weekend.
Reason For The Market Resilience
Trading firm QCP Capital opined that the crypto market’s resilience, led by Bitcoin, is likely due to continued institutional accumulation, with the likes of Metaplanet and Strategy buying the dip.
As CoinGape reported, Strategy announced today that it acquired 10,100 BTC for $1.05 billion. Metaplanet also just acquired 1,112 BTC for $117 million. QCP Capital also highlighted the fact that the Bitcoin ETFs recorded their seventh consecutive week of inflows last week.
The trading firm claimed that the crypto market seems to have rediscovered its footing, particularly after BTC held above the psychological $100,00 level despite the initial panic.
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