Bitcoin Surges Past $106K as Ceasefire Hopes Ease Market Jitters, Institutional Bets Climb
According to data from CoinMarketCap, BTC touched a daily high of $103,889.77 with a trading volume exceeding $60 billion. CryptoCompare recorded a peak at $105,209.86, while CoinDesk noted a brief dip below $103,400—underscoring pricing differences across platforms due to varying liquidity levels.
Last week's decline saw Bitcoin tumble from $111,953.60 to as low as $98,249.20. Escalating conflict in the Middle East and U.S. military activity spurred a wave of risk aversion, causing a retreat into traditional safe-haven assets like the U.S. dollar and treasury bonds. Market sentiment, however, reversed rapidly after former U.S. President Donald Trump claimed to have mediated a truce between Iran and Israel. His announcement reignited crypto enthusiasm, with BTC forming a strong bullish candle and temporarily breaching $106,000, as reported by CoinDCX analysts.
The positive momentum wasn't limited to Bitcoin. Altcoins joined the rally, with SEI surging 35% and meme-based tokens such as WIF and SPX jumping over 20%. The broader market saw green across the board, indicating renewed investor appetite for digital assets.
Adding to the upbeat mood, U.S. regulatory authorities reportedly removed a long-standing clause related to "reputational risk," a measure that had deterred banks from entering the digital asset space. Analysts view this as a pivotal step toward deeper institutional integration within the crypto ecosystem.
Institutional players also made bold moves. MicroStrategy's Michael Saylor revealed a fresh $26 million BTC acquisition at an average price of $105.8K, bringing the company's holdings to 592,345 BTC—valued at approximately $41.87 billion. Meanwhile, European firm The Blockchain Group added 75 BTC to its reserves, reinforcing confidence in crypto as a strategic asset.
U.S.-listed spot Bitcoin ETFs recorded $350 million in net inflows, while Ethereum-based ETFs attracted an additional $101 million, with no outflows reported. These figures highlight robust investor conviction despite lingering concerns around volatility.
Analysts warn, however, that crypto's bullish run hinges on sustained peace in the Middle East and regulatory clarity. For now, investor focus remains trained on diplomatic outcomes and central bank policy cues, which will likely shape the market's next big move.
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Straits Times
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