On June 15, Bloomberg reported that Bitcoin surged nearly 3% during early Asian trading. As of 9:30 a.m. Singapore time, it was trading around $65,400 (approximately 100.3 million won). Ethereum also saw a peak increase of 3.7%, reaching $1,731 (about 270,000 won), while other major altcoins like Solana and XRP also experienced gains.
The rebound in cryptocurrencies followed the announcement that the U.S. and Iran had agreed to end hostilities and reopen the Strait of Hormuz. President Donald Trump stated on social media, "The peace agreement with Iran is complete, and the U.S. blockade of the strait will end."
The Strait of Hormuz is a crucial transit route for oil shipments. Expectations of reduced geopolitical risks led to gains in Asian stock markets, and S&P 500 futures rose by about 1%. In contrast, Brent crude prices fell by more than 4%.
However, not all uncertainties in the Bitcoin market have been resolved. Bitcoin recently dropped below $60,000 (approximately 93.6 million won), marking its lowest level since October 2024. Reports that MicroStrategy, led by Michael Saylor, sold part of its Bitcoin holdings this month, along with outflows from Bitcoin spot exchange-traded funds (ETFs), have intensified selling pressure.
Pratik Kala, a portfolio manager at Apollo Crypto, identified $67,000 (about 105.3 million won) as a key short-term price level for Bitcoin. He noted, "Several technical factors, including trading volume and moving averages, converge at this price point. While risks related to MicroStrategy remain, the market seems willing to look past them for now."
This week’s Federal Reserve meeting also presents a variable. While easing tensions in the Middle East are favorable for cryptocurrencies, a more hawkish signal from the Fed than expected could weigh on risk assets like Bitcoin.
* This article has been translated by AI.
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