The crypto rally continued on Tuesday, boosted by Federal Reserve Chair Jerome Powell’s dovish remarks and reports of a cease-fire between Iran and Israel.
Bitcoin (BTC) is up 4% on the day to $106,000, while Ethereum (ETH) surged by nearly 8% to $2,450. XRP soared by 7.5% to $2.19, and Solana (SOL) jumped 6% to $144.
The total cryptocurrency market capitalization increased 4% over the past 24 hours to around $3.39 trillion. Leveraged liquidations amounted to $428 million on the day, according to CoinGlass. ETH accounted for nearly $136 million, while BTC followed with $131 million. Altcoin liquidations totaled approximately $36 million.
U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $350 million in inflows on June 23. Meanwhile, spot ETH ETFs attracted $101 million in inflows, according to SoSoValue data.
Experts attribute today’s positive momentum to a combination of a potential cease-fire between Iran and Israel and dovish comments by Fed Chair Jerome Powell.
Powell, while testifying before the House Financial Services Committee earlier today, said the Fed can remain patient before cutting interest rates. Powell cited a strong labor market and still-elevated inflation. The decision comes despite growing pressure from President Donald Trump, who has called for sharp rate cuts and repeatedly criticized Powell.
Meanwhile, earlier this morning, President Trump announced a cease-fire between Iran and Israel, sparking hopes for easing tensions. However, he later lashed out at both countries for launching attacks after his announcement.
“You basically have two countries that have been fighting so long and so hard, that they don’t know what the f*** they’re doing, do you understand that?” Trump said to reporters outside the White House.
“While markets quickly stabilized following Trump’s dual-phase ceasefire announcement, the tone across the crypto market remains hesitant, with other macro events looking set to weigh in on market sentiment this week,” said Ray Youssef, CEO of NoOnes.
He added that all eyes will now look to Friday’s PCE inflation data, as this will be a key indicator of the Fed’s next policy moves.
“Meanwhile, the evolving trade tariffs narrative and risks tied to the Middle Eastern conflict will also continue to cloud risk sentiment,” Youssef added.
