Share this article
Bitcoin Busts Past $106K on Reported Iran/Israel Ceasefire
President Trump claimed a "complete and total" ceasefire between Iran and Israel to begin in several hours.
Updated Jun 23, 2025, 11:22 p.m. Published Jun 23, 2025, 11:18 p.m.
Make us preferred on Google
What to know:
- President Trump announced a ceasefire between Israel and Iran.
- Crypto prices shot higher on the news, with bitcoin retaking the $106,000 level.
- Reuters reported a senior Iranian official as confirming President Trump's claim.
A wild 72-hours of price swings continued in crypto late in the U.S. day on Monday after President Trump took to Truth Social to proclaim a "complete and total" ceasefire between Iran and Israel.
"It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now)," wrote Trump.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Already bouncing in afternoon action, bitcoin rose nearly another 3% on the news, topping $106,000 after having plunged to as low as $98,500 not much more than 24 hours ago. At press time, the price had pulled back a bit to $105,300.
U.S. stock index futures posted gains of about 0.5% across the board and the price of crude oil tumbled further to just $65 per barrel after topping $75 earlier today.
The move in some altcoins was more dramatic, with ether , XRP and solana among those sporting 8%-10% gains.
In the minutes following the president's announcement there was some confusion as to whether there was indeed a ceasefire agreement, but Reuters is now reporting a senior Iranian official as saying Tehran has agreed to a proposed ceasefire with Israel.
More For You
Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
What to know:
- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
Top Stories
