US-Iran Ceasefire Boosts Crypto Markets

Cryptocurrency markets saw an overnight rally on Sunday as investors weighed the pause in hostilities between the U.S. and Iran.

Bitcoin surged to $65,500 late in the day before facing resistance from bears, while Ethereum spiked to an intraday high of $1,960 only to reverse sharply and retreat lower.

The global cryptocurrency market capitalization stood at $2.22 trillion following a 0.54% contraction over the last 24 hours, with over $200 million liquidated from the market in that time.

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, believes the cryptocurrency market bottom is 'very likely' in, with a strong bet on the Ethereum ecosystem and altcoins outperforming Bitcoin.