Ethereum and XRP surprise as broader market recovers
📈 XRP and SOL rally - XRP jumps 8% and Solana rises more than 7%, leading the morning's gains among second-gen cryptocurrencies.
🛑 Trump announces ceasefire - President Trump and Israel confirm a ceasefire with Iran. Safe-haven assets like oil and the US dollar lower while stocks lift.
🪙 Bitcoin holds $100k support - rebounded to $105,000 after briefly dipping below $100,000, the first time since May.
There are some big moves in crypto markets this morning after heightened volatility over the weekend that saw Bitcoin (BTC) dip below $100,000 for the first time since May. The market leader quickly bounced off this level again in the last 24 hours to trade around $105,000 this morning. But the real action is among the second-generation cryptocurrencies. XRP is up 8%, while Solana (SOL) has gained more than 7%. The original smart contract crypto, Ethereum (ETH), is also showing a healthy price recovery. This coincides with a recovery in the broader US stock market.
In other news, President Trump announced a ceasefire agreement between Israel and Iran, also confirmed by the Israeli government, after which safe-haven investments like oil and the US dollar dropped, while stocks rose, Reuters reports. One analyst told the news agency that with markets possibly seeing the escalation risk as reduced, focus now shifts again to the looming tariff deadline set by Trump for 8 July, when trade deals with various countries are to be finalised. However, the situation in the Middle East appears to remain volatile.
Analysts have again noted Bitcoin’s resilience and consolidation above the key $100,000 level, despite ongoing geopolitical and economic uncertainty. The idea of Bitcoin as a safe-haven asset has long been debated, but often it has moved in line with risk assets like stocks. Could this time be different?
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.13 trillion, reflecting a 2.58% increase over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $105,295, up 3.5% in the last 24 h
Daily high: $105,927
Daily low: $100,177
📈 S&P 500 ↗️
SPY is currently up about 0.96% since yesterday’s close.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 47/100, indicating a neutral sentiment among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 62, still in the neutral zone (30–70).
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
