Crypto Market Sees Uptick as Middle East Tensions Ease
On Monday, June 16, Bitcoin and most altcoins surged as concerns over the Israel-Iran conflict lessened. Bitcoin reached $107,000, its highest as June 12. the total crypto market cap climbed to $3.34 trillion.
Top gainers included Jito, SPX6900, hyperliquid, and Kaspa. This rally mirrored the U.S. stock market’s recovery and falling crude oil prices. The Dow Jones and Nasdaq 100 futures rose, while oil prices dropped by over 1%. Analysts believe the crisis will remain limited,not involving major players like Russia and China.
Historically, markets recover after “black swan events.” For instance, Bitcoin and altcoins fell in March 2020 due to COVID-19 but bounced back. Similarly, after Donald Trump’s Liberation Day speech, prices dropped but rebounded.bitcoin fell to $74,500 in April but hit a new high of $111,900 in May.
Investor accumulation is a key factor. Michael Saylor’s Strategy bought 10,100 BTC last week, bringing its total to 592,100 coins. Metaplanet now holds over 10,000 BTC.
Other companies,like Metaplanet,gamestop,and Trump Media,are also accumulating Bitcoin.The upcoming Federal Reserve decision on Wednesday could further boost prices if it adopts a dovish tone.
For more insights,check Michael Saylor’s tweet.
