On June 24, after an unstable ceasefire between Iran and Israel was brokered by U.S. President Trump, U.S. cryptocurrency stocks rose alongside the broader market.
Trump announced the ceasefire on social media on June 23, claiming it would "last forever," but reports indicated that both countries launched missile attacks shortly after the ceasefire took effect. On June 24, Trump told reporters that he believed both countries had violated the agreement.
Trump pointed out, "We are basically dealing with two countries that have been fighting for so long and so fiercely that they don't even know what they are doing."
The ceasefire agreement prompted a surge in cryptocurrency stocks on June 24, with cryptocurrency exchange Coinbase Global Inc. (COIN) becoming the best-performing S&P 500 component of the day.
Coinbase closed the trading day up 12.10%. Meanwhile, cryptocurrency mining company Riot Platforms surged 8.09%, Marathon Digital rose 4.94%, and Michael Saylor's Strategy (MSTR) increased by 2.68%, according to Google Finance data.
The broader market also saw gains, with the S&P 500 index closing up 1.11% on the day.
Robinhood Markets, Inc. (HOOD) rose 7.41%, coinciding with the launch of its new 1% cryptocurrency deposit matching promotion, which started on June 24 and will last until July 7.
Not all cryptocurrency stocks participated in this rally. Stablecoin issuer Circle Internet Group (CRCL) fell 15.49% in trading on June 24, but this newly listed company has still risen nearly 620% since debuting at $31 on June 6.
At the same time, the cryptocurrency market has slowly begun to recover its upward trend, with Bitcoin (BTC) rising 1.20% in the past 24 hours, trading at $106,487 at the time of publication. Ethereum (ETH) surged 1.99%, and XRP (XRP) increased by 1.92%, according to CoinMarketCap data.
Increased interest in cryptocurrency stocks has also led other companies to consider going public. Reports on June 23 indicated that major global cryptocurrency exchange OKX is considering a public listing in the U.S. after re-entering the American market.
Related: New York City Mayor outlines crypto plan as citizens vote in Democratic primary
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Original article: “U.S. Crypto Stocks Surge as Iran-Israel Ceasefire Agreement Remains on Shaky Ground”
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