Cryptocurrency prices rose sharply Monday evening following President Donald Trump’s social media announcement that Iran and Israel have agreed to a ceasefire, potentially ending recent hostilities.
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 (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which point the War will be considered, ENDED!”
Bitcoin surged 5%, reaching $105,550, nearly recovering its Friday price after dipping below $100,000 on Sunday following U.S. airstrikes on Iranian nuclear sites. The price had already begun to rebound by the weekend’s close.
Prediction market Myriad projects a 79% chance Bitcoin will hold above $100,000 by June 27. (Myriad is affiliated with Decrypt’s parent company, DASTAN.)
Other major cryptocurrencies also climbed: Ethereum rose 9% to $2,408 after a 10% drop Sunday, Solana gained 11%, Dogecoin increased 10%, and both XRP and Cardano were up 9%.
Despite rising prices, crypto liquidations totaled $473 million in the past 24 hours, primarily from short positions worth $364 million. Bitcoin accounted for $161 million, followed by Ethereum at $140 million in liquidations, according to CoinGlass data.
Editor’s note: This article was updated with additional information after initial publication.