Bitcoin Surges Above $65,000 as U.S. and Iran Hold Fire
The U.S. and Iran's decision to hold fire has sent shockwaves through global markets, with Bitcoin surging back above $65,000 and oil prices plummeting by 5%. The fragile ceasefire has created a sense of calm, leading to risk-on trades and currency fluctuations. According to Vikram Subburaj, CEO of India-based Giottus exchange, 'prices are also responding to macro developments.'
Bitcoin's dominance remains strong at 58.6%, with prices up by 1.2% over the past 24 hours. Ether has seen significant gains, rising by over 3% to nearly $1,950. Other top 10 tokens, including solana (SOL) and XRP ($XRP), have also experienced gains of between 1% to 2%. Currency markets are reflecting these trends, with the Aussie dollar and euro gaining against the U.S. dollar.
Some market observers believe that Bitcoin may be bottoming out for its next big bull run. According to Joao Wedson, founder and CEO of analytics firm Alphractal, 'the time between each Bitcoin Halving and the bottom of the following Bear Market has been approximately 900 days.' With the current cycle already at day 827, Wedson suggests that a potential final bottom is forming within the next two months.
Meanwhile, oil prices continue to fall, with Brent crude dropping by 4.7% to $92.19. This easing of inflation concerns has some market participants cautiously optimistic about the prospects for a rate increase at the upcoming Federal Reserve meeting on July 28-29. The probability of a 25-basis-point rate hike is currently assigned at 36.3%.