Middle East Ceasefire Sends US Crypto Stocks Soaring
Shares in major US-based crypto companies surged on Tuesday (24 June), following reports of a ceasefire agreement between Iran and Israel brokered by US President Donald Trump. The market responded swiftly to the easing geopolitical tensions, fuelling investor optimism across crypto-related equities.
Leading the rally was Coinbase (COIN), which posted the strongest performance in the S&P 500 for the day. The company’s stock jumped a remarkable 12.10%, reflecting renewed confidence in the sector after weeks of volatility.
Crypto mining giants also joined the uptrend. Riot Platforms (RIOT) climbed 8.09%, while Marathon Digital (MARA) added 4.94%. Both companies benefited from broader market sentiment and a slight uptick in Bitcoin’s hash rate, which often signals growing network strength.
Michael Saylor’s Strategy (MSTR), known for holding a significant amount of Bitcoin on its balance sheet, also gained 2.68%, further reinforcing the correlation between macro-political developments and crypto exposure in corporate America.
However, not all players shared in the celebration. Circle Internet Group (CRCL) saw its shares plunge by 15.49%, despite broader market gains. The reason behind the drop remains unclear, though some analysts speculate it could be tied to internal restructuring or regulatory pressure amid increased scrutiny on stablecoin issuers.
On the digital asset front, the crypto market remained broadly upbeat. Bitcoin (BTC) saw a modest increase of 1.20%, climbing above the US$107,000 mark. Ethereum (ETH) also edged higher by 1.99%, while XRP added 1.92%, bolstered by continued investor enthusiasm and rumours that leading exchange OKX is preparing to go public in the United States.
Market analysts noted that the ceasefire had removed a major source of uncertainty, allowing risk assets, including crypto stocks, to gain ground. However, they also cautioned that the geopolitical situation in the Middle East remains fluid, and any escalation could quickly reverse these gains.
“While the ceasefire is a positive short-term development, markets remain sensitive to any flare-ups in the region,” said Claire Peterson, a Sydney-based crypto analyst. “Investors should be prepared for continued volatility.”
The recent price movements come as Bitcoin inches closer to retesting its all-time high and as institutional interest continues to grow. Several funds and ETFs have reported increased inflows in the past week, suggesting sustained bullish sentiment.
As the dust settles in the Middle East, traders and investors alike are keeping a close eye on both diplomatic developments and their impact on crypto market dynamics.
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