Bitcoin and ether surged after U.S. President Donald Trump declared a ceasefire agreement between Iran and Israel, easing geopolitical tensions that have rattled markets over the past two weeks.

Bitcoin climbed above $106,000, recovering from a dip below $99,705 the day prior, while ether jumped nearly 9% to around $2,420. 

Altcoins XRP and Solana also posted strong gains, with the broader crypto market rebounding sharply as investors returned to risk assets amid renewed optimism for global stability.

This story is an excerpt from the Unchained Daily newsletter.

Data from CoinGlass shows that those betting on lower crypto prices took a big hit over the last 24 hours, which saw $358 million worth of shorts liquidated.

Aaron Dishner from The Better Traders Club noted that the ceasefire-linked rally in bitcoin may not be a long term trend.

“…hidden bearish divergence is starting to show up. Markets reacted with relief but the effects may be short-lived,” he said.