The global crypto market surged on June 24, adding $142 billion in value within 24 hours. The total market capitalization reached $3.22 trillion, just below the $3.24 trillion resistance level.
Trump-Iran Ceasefire Ends 12-Day Conflict, Triggers Market Surge
The sharp jump in crypto market capitalization came after U.S. President Donald Trump declared a phased ceasefire agreement between Israel and Iran on June 23. The announcement marked the official end of a 12-day military conflict that had raised global concerns over oil trade disruption and broader geopolitical fallout. Trump confirmed that the ceasefire would unfold in two stages, beginning with Iran halting its operations, followed by Israel.
The crypto market reacted immediately. Bitcoin rebounded above $105,000 after falling below $100,000 over the weekend. Ethereum also climbed back above $2,400 as traders welcomed the reduction in risk. The ceasefire removed immediate fears of a potential shutdown of the Strait of Hormuz—a vital oil route responsible for 25% of the world’s oil shipments. Earlier that day, Iran’s parliament had approved a proposal to close the strait, escalating investor anxiety across global markets.
With the truce now in effect, market sentiment turned sharply positive. Oil prices retreated, inflation concerns cooled, and capital flowed back into risk assets, including crypto.
Trump’s announcement followed Iran’s failed missile attack on a U.S. military base in Qatar. The phased truce—first by Iran, then Israel—ended the 12-day war, restoring some geopolitical stability. This shift fueled demand for risk assets, including cryptocurrencies.
Altcoins Follow Bitcoin as Sei Surges 35%
Bitcoin’s recovery was mirrored across altcoins. Sei (SEI) posted the strongest performance, rising 35% in 24 hours to hit $0.271. The rally brought SEI to its highest price this month. If SEI breaks resistance at $0.278, the next key level is $0.309. Otherwise, the price could consolidate around $0.244.
Ethereum also bounced back, trading above $2,400 after dipping during the initial stages of the conflict. The broader market reacted positively to easing tensions, supported by a drop in oil prices and reduced inflationary concerns.
The ceasefire also helped shift focus away from potential central bank delays in interest rate cuts. Earlier, Iran’s parliament had proposed closing the Strait of Hormuz, which channels 25% of global oil shipments. If implemented, it could have reignited inflation risks, but the truce eliminated that pressure.
The crypto market’s current momentum depends heavily on how the ceasefire plays out over the coming days. If Iran and Israel comply with the agreed 24-hour truce and keep oil shipping routes open, the bullish trend could extend. On the other hand, renewed escalation may send Bitcoin back below $105,000 and drag the total crypto market cap under $3.16 trillion.
