Bitcoin (BTC) is currently trading above $75,000, a pivotal level identified by CoinDesk as crucial for maintaining bullish momentum. However, caution is advised among some market observers who believe that Bitcoin must sustain this level through Wednesday, when the U.S.–Iran ceasefire is set to expire.
“The ceasefire expiration is scheduled for Wednesday evening Washington time, compelling the market to account for two scenarios: a ceasefire extension and de-escalation or renewed conflict leading to oil price spikes. This creates significant headline risk,” Marex analysts stated in their communication with CoinDesk.
An escalation could push oil prices beyond the March peak of $119, potentially destabilizing Asian and global equity markets. The question is whether Bitcoin will demonstrate resilience as it did during the previous conflict by holding steady around $70,000 or if it will succumb to broader market pressures.
As of now, no Iranian delegation has left for discussions in Pakistan. On Monday, President Donald Trump warned of intensified conflict should the ceasefire conclude without a resolution.
Attention is also focused on Kevin Warsh’s nomination hearing for Federal Reserve chair on Tuesday. Known as an ‘inflation hawk,’ Warsh opposed interest-rate reductions and quantitative easing following the 2008 financial crisis.
His statements during the hearing could act as a catalyst, especially if they bolster expectations of policy relaxation,” said QCP Capital in their analysis.
In the broader market context, major cryptocurrencies such as ether (ETH), solana (SOL), and XRP have seen less than 2% growth over the last day, underperforming Bitcoin. Meanwhile, smaller tokens like XLM and TON have surged by over 5%. The CoinDesk Memecoin Index has increased by more than 3%.
Interestingly, despite industry turmoil following KelpDAO’s weekend hack, which drained rsETH collateral used on multiple DeFi platforms, the DeFi Select Index rose by 2%.
Aave experienced the most significant impact, with its locked crypto assets dropping to $16 billion, a nearly $10 billion decrease since before the incident. AAVE token value fell by 18% to $93 post-hack, while futures tied to it reached a record open interest of 3.59 million tokens. This signals potential volatility due to increased demand for leveraged bets.
For further insights into today’s altcoin and derivative activity, refer to Crypto Markets Today. CoinDesk’s “Crypto Week Ahead” offers an extensive event schedule.
The chart illustrates XRP’s daily price fluctuations in candlestick format. The white line denotes a 100-day average price, while the yellow one marks the bear market trendline. Despite Bitcoin (BTC) and ether (ETH) surpassing these levels on their charts, XRP remains below both metrics, indicating weaker momentum compared to its peers that have already formed stronger bullish structures.