Bitcoin retakes $107,000 amid market relief over apparent Iran-Israel ceasefire

Bitcoin climbed past $107,000 on Wednesday, erasing weekend losses after Iran and Israel agreed to a tentative ceasefire. The cryptocurrency had dipped below $100,000 on Sunday when Israeli missiles struck Iran and Iranian forces answered with air raids, data from The Block's price page shows.Crypto markets appeared relieved by the news of a truce. The total crypto market capitalization rebounded to $3.4 trillion, while Ether and Solana logged modest gains. The GMCI 30 Index, which focuses on the top 30 cryptocurrencies by valuation, reflected this price action and recorded an uptick.U.S. Stocks followed BTC's uptrend. The S&P 500 added 1.1% on Tuesday and reclaimed the psychological 6,000 level, although futures stalled after Federal Reserve Chair Jerome Powell maintained a neutral tone on rate cuts.Powell told House lawmakers the economy and labor market remain firm and signaled no policy shift until late-year data arrive. Experts expect the same remark at today’s Senate Banking Committee. Timothy Misir, BRN’s head of research, now expects the first potential cut in December, not September as previously suggested. “This aligns with our expectation that the Fed will wait for September and October CPI prints before acting, likely delivering a 50bp cut in December rather than earlier moves,” Misir said in a note shared with The Block.Institutional and state demandDespite Powell's cautious comments, Wall Street continued to buy bitcoin anyway. U.S. spot ETFs pulled in $588.5 million on June 24, while ether funds drew $71 million as cumulative inflows pushed above $4 billion, according to SoSoValue data.Corporations and state-level entities also amped up efforts to accumulate Bitcoin. Japan’s Metaplanet raised $514 million through stock issuance for its BTC strategy. Meanwhile, Arizona, Ohio, and Texas made strides towards allocating public funds to Bitcoin reserves.Misir believes this growing demand should dampen macro headwinds and geopolitical jitters. “With institutional demand surging despite the absence of Fed support, we maintain heavy exposure,” BRN’s analyst said. “The structural drivers—state reserves, corporate adoption, and ETF flows—appear resilient to macro headwinds and provide confidence for continued upside.”Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.