Monday started on a bullish note for the cryptocurrency market, with the total market cap rising 1.8% and adding nearly $40 billion in value to reach $2.24 trillion. Bitcoin led the rally, climbing to a two-week high of around $65,923.
Other major cryptocurrencies, including Ethereum, XRP, Solana, and BNB, also posted gains of 2% to 3%.
So, why is the crypto market rising today?
The biggest reason behind today’s crypto market rally is U.S. President Donald Trump’s announcement that a deal had been reached with Iran. The agreement includes plans to reopen the Strait of Hormuz and end the naval blockade that had disrupted global energy supplies.
A formal signing is expected on June 19 in Switzerland.
The news quickly eased fears of an oil supply shock, with Brent crude reportedly falling more than 4%, triggering a rally across both traditional and cryptocurrency markets.
Another bullish factor is the slowdown in selling pressure on Bitcoin ETFs. U.S. spot Bitcoin ETFs have seen continuous outflows for the past one month.
In fact, on June 12, spot Bitcoin ETFs recorded approximately $86 million in net inflows, signaling renewed investor interest. BlackRock’s IBIT led the way with about $58 million in inflows, while Fidelity and Bitwise also posted positive contributions.
The return of ETF demand has helped improve market sentiment and provided additional support for Bitcoin’s recent recovery.
A major liquidation event fueled the rally. According to CoinGlass, more than 102,000 traders were liquidated during the past 24 hours, with total liquidations reaching approximately $339 million.
The largest single liquidation occurred on Binance, where a BTC/USDT position worth $6.1 million was forcibly closed.
Bitcoin led the recovery, climbing to a two-week high near $65,900. The recovery comes after weeks of heavy selling pressure following last week’s losses.
Just days ago, traders feared a deeper correction after Bitcoin slipped below $60,000.
Meanwhile, the market sentiment has also improved, with the Crypto Fear & Greed Index moving out of the Extreme Fear zone and back into Fear.
The recovery wasn’t limited to Bitcoin. Ethereum climbed back above $1,720, while XRP traded near $1.19 and Solana approached $71. Cardano gained nearly 5%, while Hyperliquid (HYPE) and Zcash surged between 9% and 15%.
The Altcoin Season Index also jumped to 51, suggesting capital is beginning to rotate beyond Bitcoin.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Jupiter price is suddenly moving higher, and this time, traders think the rally may be…
The crypto market bounced back strongly after U.S. President Donald Trump announced a peace deal…
The Zcash (ZEC) price is trading around $487 after surging more than 14% over the…
The Crypto CLARITY Act is entering a critical phase. Lawmakers are working against a tight…
U.S. and Iranian delegations are reportedly holding a virtual meeting today to sign a peace…
Japan’s Nikkei index rose above 69,500 for the first time on record, gaining 5.4% in…
