Bitcoin has climbed above $107,000 as easing conflicts and improving market sentiment drive a broad risk-on rally, CoinDesk Market data shows. The CoinDesk 20 index of leading digital assets is just below 3,000, up 0.7%.
After initial selloffs sparked by Middle East tensions involving Israel, Iran, and U.S. military actions, markets shifted dramatically. According to QCP Capital, traders swiftly moved from seeking safety to embracing risk, fueling rallies in crypto, technology stocks, and equities.
U.S. equities soared, oil prices returned to pre-conflict levels, and Coinbase shares gained 12% following regulatory progress. Bitcoin’s rebound beyond $107,000 marks renewed strength amid cautious watchfulness of upcoming U.S. economic data, including GDP and unemployment figures.
Gracie Lin, CEO of OKX Singapore, highlighted bitcoin’s rapid recovery from a dip below $100,000 earlier in the week driven by Middle East uncertainty. She anticipates potential volatility with upcoming economic reports and the quarterly expiry of bitcoin futures and options on June 27.
QCP Capital noted growing institutional interest, citing large BTC purchases and Coinbase’s regulatory wins as signs that bitcoin is maturing into a macro asset potentially rivaling gold in market capitalization. However, geopolitical risks remain, particularly related to NATO-Russia tensions.
Meanwhile, a Seoul-based analyst, Bradley Park of DNTV Research, emphasized that for foreign crypto projects, genuine engagement with the Korean community is essential for success rather than merely seeking exchange listings. He cited the example of token project NEWT, whose organic local support led to simultaneous listings on major Korean exchanges Upbit and Bithumb.
Park warned that treating Korean users as exit liquidity rather than stakeholders undermines projects, citing ZORA’s decline following a controversial airdrop. Localization and quality engagement, as seen with projects like KAITO versus poorly translated COOKIE, are critical.
Market Summary:
- Bitcoin (BTC): Up 1.46% to $107,600, supported by ceasefire news and $514 million in institutional buying.
- Ethereum (ETH): Increased 1.42% to $2,425.53, helped by ceasefire optimism and whale accumulation.
- Gold: Rose slightly to $3,340.90 amid mixed global tensions and trade concerns.
- Asia-Pacific Markets: Opened mixed; Japan’s Nikkei 225 rose 0.4%.
- U.S. Stock Futures: Flat near record highs, with analysts cautioning about geopolitical risks.
Other Crypto Developments:
- Tether CEO forecasts one trillion AI agents using Bitcoin and USDT for transactions within 15 years.
- Animoca Brands to launch Moca Network, a Layer 1 blockchain for digital identity.
- Leading U.S. Senator signals cryptocurrency legislation expected by year-end.