The crypto market bounced back strongly after U.S. President Donald Trump announced a peace deal with Iran, easing geopolitical tensions and boosting risk appetite across financial markets. The rally added nearly $60 billion to the total crypto market cap, pushing it up 1.56% to around $2.24 trillion.
In a post on Truth Social, Trump said the agreement with Iran was complete and authorized the reopening of the Strait of Hormuz and the removal of the U.S. naval blockade. The parties expect to formally sign the deal in Switzerland on Friday.
Bitcoin climbed to around $65,800 following the announcement of the Iran deal, while trading volume jumped 36% over the past 24 hours. Ethereum followed higher, reaching $1,730, while XRP and Dogecoin also posted strong gains.
The move triggered a wave of liquidations across the market. According to Coinglass data, more than $333 million worth of positions were wiped out in the last 24 hours, including roughly $239 million in short positions as bearish bets were caught on the wrong side of the rally.
Bitcoin’s open interest also rose 2.57%, showing fresh participation in the derivatives market and growing confidence among bullish investors. However, the Crypto Fear & Greed Index remains in “Extreme Fear” territory, indicating that caution has not completely disappeared.
Analyst Michaël van de Poppe said Bitcoin’s move above $64,000 is an important development for the broader market. According to him, a sustained breakout could restore risk-on sentiment and bring more liquidity into altcoins, potentially supporting another move higher for stronger assets.
Analyst Ali Martinez said that if ETH ever revisits the $1,070 level, which marks the lower boundary of a long-term channel, it could become one of the best buying opportunities on the chart. For now, Ethereum continues to hold support near $1,700 as momentum improves.
Meanwhile, XRP is approaching a key technical setup. Martinez highlighted a symmetrical triangle pattern forming on the chart. A breakout from that structure could trigger a move of around 14%, putting XRP in focus as market sentiment strengthens.
For now, Bitcoin holding above the $65,000 area remains an important signal. Continued strength could support Ethereum, XRP, and the broader altcoin market as investors regain confidence amid easing geopolitical tensions.
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