Crypto markets bounced back in early Asian trading hours on June 24, sparked by US President Donald Trump’s announcement that a ceasefire had been reached between Israel and Iran.

On June 24, Trump posted on Truth Social:

“CONGRATULATIONS TO EVERYONE! It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE.”

This unexpected development helped reverse losses in the crypto market and triggered a swift surge in the value of major digital assets.

According to CryptoSlate’s data, Bitcoin led the rebound, rising 3% to reclaim levels above $105,000, a few days after briefly dipping below the $100,000 threshold.

Other top 10 digital assets by market capitalization posted even stronger gains, with Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) climbing 6% to $2,417, $0.58, and $0.16, respectively.

Notably, Solana (SOL) and XRP outperformed the broader market, climbing over 7% each. Solana touched over $144, while XRP traded at $2.18 as of press time.

Meanwhile, the sudden price spike caught many short sellers off guard, and over $370 million worth of short positions were liquidated across the crypto market.

Traders betting against Ethereum suffered the most, with liquidations topping $119 million. Losses from short positions in major altcoins like Solana, XRP, and Cardano added more than $40 million to the tally.

Market analysts say the rapid response highlights how closely digital assets react to geopolitical events.

Valentin Fournier, a lead analyst at BRN, told CryptoSlate that Trump’s ceasefire claim shifted investor sentiment almost instantly, even though neither country involved had issued formal confirmation.

Fournier cautioned that while markets are rallying on the ceasefire news, similar truces have historically been short-lived. Still, he noted that the sharp rebound shows fear may have reached its peak and that many altcoins could be poised for further gains if tensions remain contained.

He noted:

“Our overweight on Solana paid off, as it outperformed both BTC and ETH, confirming its role as a high beta leader in recovery phases.”

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Bitcoin tumbled back to $106,000 in early Tuesday trading after U.S. President Donald Trump denied claims he was involved in brokering a ceasefire between Iran and Israel, shaking markets that had priced in potential de-escalation.

The late-night Truth Social post from Trump, published just before midnight Eastern time, blasted French President Emmanuel Macron and dismissed any truce negotiations as “wrong” and “publicity-seeking.” The post came shortly after reports circulated suggesting Trump’s abrupt G7 exit was linked to a backchannel ceasefire push.

“Publicity-seeking President Emmanuel Macron… Wrong! He has no idea why I’m on my way to Washington, but it certainly has nothing to do with a cease fire. Much bigger than that,” Trump wrote.

Trump also advised Tehran citizens to evacuate immediately, spurring panic and leading to miles of gridlocked traffic on highways exiting the city. Speaking at the G7 summit, he also bemoaned Russia’s removal from the group, indicating his support for its reinclusion even amid the Ukraine war.

The remarks sent Bitcoin into a fresh slide, falling as low as $106,214 during the Asian session, erasing much of the previous day’s bounce. The world’s largest digital asset has lost 2.5% from Friday’s local high as geopolitical tensions continue to drive market sentiment.

According to CoinGlass, crypto futures liquidations surged to over $347 million in the 24 hours following Trump’s post. Ethereum, XRP, and Solana posted slightly elevated declines around 4%, and equity index futures also dipped, with S&P 500 minis down 0.6% overnight.

Meanwhile, traditional haven assets also struggled with gold trading flat, while Brent crude rose just 1% to trade around $70, reflecting unknown concerns over prolonged conflict in the Middle East.

The Trump effect on Bitcoin

Over the last 7 days, President Trump’s Truth Social posts on geopolitical matters have repeatedly contributed to a decline in Bitcoin price.

While he is not the sole factor moving markets, the timing of his comments alongside price movements is clear. Bitcoin appears to be behaving in a highly resilient manner amid high tension across Russia, Ukraine, Gaza, Israel, and Iran. Though its ‘safe haven’ status is weak.

Several key posts highlighted in the chart below resulted in a combined 10% decline, but a net drop of just 3.5% due to Bitcoin’s uncanny ability to hold above $100,000.

This is the second time in a week we’ve seen BTC drop in sync with equities while gold rallies. The risk-off playbook is dominating.”

Tuesday’s moves also highlight the return of “Trump volatility” to financial markets. Much like in his first term, off-the-cuff social media posts now influence billions in capital flows, particularly in crypto, where leverage and sentiment often amplify abrupt shifts.

Previous examples include a May 2025 tweet threatening EU tech tariffs, which triggered a 4% BTC drop within hours.

Analysts are now watching whether Trump’s political positioning will continue to drive market jitters, especially with unresolved tensions in the Middle East..

Bitcoin’s sharp selloff, once again coinciding with a geopolitical headline, has reignited debate over its role as a “digital gold” safe haven. Despite long-held narratives around BTC’s resilience, recent market behavior points to a risk-on correlation pattern, with traders pulling back from crypto alongside stocks in response to global tensions.

What’s next?

Market watchers will be focused on any further diplomatic developments or comments from other G7 leaders. A confirmed ceasefire, or U.S. involvement in attacks on Iran, could shift asset flows again.

On the technical side, Bitcoin bulls are eyeing $100,000 as a psychological floor, though cascading liquidations and leveraged positioning may pressure that level if risk sentiment continues to deteriorate.

Despite the macro headwinds, on-chain data remains broadly constructive, with BTC hash rate and long-term holder activity still near highs, offering a glimmer of resilience beneath the noise.

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