Bitcoin and other cryptocurrencies regained value following a ceasefire between Israel and Iran, bouncing back after steep losses during the 12-day conflict.
Cryptocurrency prices plunged during the recent flare-up between Israel and Iran, reflecting investor caution amid heightened geopolitical tensions. Bitcoin dropped from $107,000 to $102,000 after Israel began its airstrikes on 13 June, while altcoins across the market lost more than 10%.
The downtrend deepened as mutual strikes continued, dampening any short-term market optimism. The sharpest drop came on 22 June, when the U.S. entered the conflict by bombing Iranian nuclear sites - a move that pushed many altcoins down by more than 30%.
At its lowest point, the total value of the global cryptocurrency market fell from $3.4 trillion to $3 trillion - the lowest on record.
However, markets reacted positively after a ceasefire was announced. Bitcoin recovered to more than $106,000, nearly regaining its pre-conflict level. Altcoins also bounced back, many rising more than 20% to return to their earlier valuations.
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