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Crypto Market Gains as Bitcoin Rises on Middle East Ceasefire

Bitcoin extended gains on Wednesday, rising 2.7% to $107,950.0 by 10:01 ET (14:01 GMT) as traders welcomed the tentative ceasefire between Iran and Israel. The broader crypto market also rose, but gains were limited, spurring some profit-taking in major altcoins.

Israel-Iran Ceasefire Uncertainty, Volatile Crypto Markets

A ceasefire agreement between Israel and Iran, announced by US President Donald Trump on Monday evening, appeared to be holding by early Wednesday. Despite Trump’s admonishments on Tuesday for alleged breaches, both Tehran and Jerusalem seemed to have scaled back their aerial strikes. The market’s attention was keenly focused on the durability of this deal, as recent hostilities between the Middle Eastern nations had significantly diminished risk appetite. Given its speculative nature, the cryptocurrency market was especially vulnerable to these shifts in sentiment. Although Bitcoin did recover some ground this week, it largely remained within its June trading range of $103,000 to $108,000.

Guotai Junan Shares Double On HK Crypto License

Guotai Junan International Holdings Ltd (HK:1788) shares surged over 100% after its Hong Kong subsidiary received regulatory approval for cryptocurrency asset trading. This enhanced license from the Hong Kong SFC allows the brokerage to offer crypto dealing services, capitalizing on Hong Kong’s growing crypto market, which offers an avenue for investors despite mainland China’s prohibitions. Hong Kong also recently enacted a stablecoin bill.

NYSE Arca Seeks To List Truth Social Crypto ETF (Bitcoin/Ether)

The NYSE has proposed a rule change to the SEC for listing a new cryptocurrency ETF, the Truth Social Bitcoin and Ethereum ETF, tied to Trump Media & Technology Group’s Truth Social. This passive ETF, detailed in a 19b-4 filing and prospectus, aims for a 3-to-1 bitcoin-to-ether ratio, with Yorkville America Digital as sponsor and Foris DAX Trust Company as custodian. NYSE Arca also previously filed for a Bitcoin-only ETF.

On Wednesday, broader cryptocurrency prices generally trailed Bitcoin, as the sector’s recent recovery lost momentum.

Ether, the world’s second-largest cryptocurrency, saw a modest increase of 0.4%, reaching $2,435.40, while XRP advanced by 2.2% to $2.22.

Solana recorded a gain of 2.2%, whereas Cardano’s value remained unchanged.

Among meme tokens, Dogecoin experienced an increase of over 2%, in contrast to $TRUMP, which declined by 0.6%.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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