Bitcoin has finally surged past the $105K mark on Monday. The premier cryptocurrency went through a sharp decline last week, but now it is back on track as the news of a ceasefire between Iran and Israel reached global markets. Made possible by the U.S. President Donald Trump with support from Qatar, the ceasefire has given a new boost to the crypto market.

After rising 3.9% over the last day to $105,927, Bitcoin is currently trading at $105,302. After the U.S. bombed three Iranian nuclear facilities, the price of Bitcoin dropped to $98,974 on June 23, its lowest level since May.

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Bitcoin Reaches $105K After Iran-Israel Ceasefire

The data obtained from crypto.news indicates that the market capitalization of Bitcoin increased by 3.24% to $2.09 trillion. Restored investor confidence was shown by the trading volume, which rose 6.9% to $52.8 billion. The truce announcement was well received by the cryptocurrency market as a whole, which increased by 2.1% to reach a $3.36 trillion market valuation.

Bitcoin had lost ground over the past two weeks amid heightened geopolitical tensions. The cryptocurrency declined by 1.2% over the past seven days and was down 3.6% in the last 14 days. Even over the past month, BTC has dipped nearly 2% as uncertainty loomed large.

The announcement of a ceasefire between Israel and Iran appeared to provide a temporary relief rally for the markets. When international tensions subside, investors typically return to riskier assets, which causes Bitcoin values to rise swiftly.

But there are also questions about how long the ceasefire will last. Israel Katz, the country’s Defence Minister, accused Iran of breaking the ceasefire deal just hours after it was revealed. According to the BBC, Katz stated that Israel would respond “forcefully” with targeted strikes on Iran’s capital if the violations continued, which are claims Iran has strongly denied. As traders monitor developments in the Middle East, Bitcoin remains on fragile footing. For now, the ceasefire appears to have steadied the crypto market, but any sign of renewed conflict could trigger another downturn.

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