Today, the prices of Bitcoin, XRP, and Dogecoin have seen a significant surge, marking substantial gains. This surge follows a recent agreement between the U.S. and Iran to implement a 2-week ceasefire as part of ongoing efforts to achieve a peaceful resolution to the conflict.
Reasons Behind the Rise in Bitcoin, XRP, and Dogecoin Prices Today
According to data from CoinMarketCap, the prices of Bitcoin, XRP, and Dogecoin have increased by over 4% today. This uptrend coincides with the joint announcement made by the U.S. and Iran regarding a temporary ceasefire. In a recent post on Truth Social, U.S. President Donald Trump confirmed the agreement on the ceasefire, along with Iran’s commitment to reopening the Strait of Hormuz.
The prices of Bitcoin, XRP, and Dogecoin also saw an increase following Trump’s announcement of suspending bombing and attacks on Iran for the next 2 weeks as part of the ceasefire agreement. This move came as the deadline set by the president to target Iran’s energy infrastructure approached, with Trump previously issuing threats of severe consequences.
Furthermore, Trump indicated progress towards reaching a peaceful and conclusive resolution to the conflict, which has positively impacted the prices of Bitcoin, XRP, and Dogecoin. He mentioned that the U.S. has achieved and surpassed its military objectives and is nearing a definitive agreement for long-term peace with Iran and stability in the Middle East.
Trump disclosed that a 10-point proposal was received from Iran, which both parties find acceptable for negotiation. He stated that most of the points have been mutually agreed upon, and the 2-week timeframe will be utilized to finalize and formalize the agreement.
Iran’s Foreign Minister Abbas Araghchi also released a statement confirming the 2-week ceasefire in the ongoing U.S.-Iran conflict. He assured that Iran would cease defensive actions as long as U.S.-Israeli attacks are halted and guaranteed safe passage through the Strait of Hormuz during this period.
Liquidation of Short Positions and Market Impact
In the last 12 hours, the prices of Bitcoin, XRP, and Dogecoin experienced a surge as a significant number of short positions were liquidated following the announcement of a 2-week ceasefire between the U.S. and Iran. Approximately $400 million in short positions were liquidated during this period, along with $110 million in long positions, as reported by CoinGlass.
It is notable that the agreement on the ceasefire led to a sharp decline in oil prices. Both Brent crude and WTI oil futures plummeted below $100, with decreases of 14% and 8% respectively within the last 24 hours. Traders are adjusting prices based on the anticipation of a lasting resolution between the U.S. and Iran, which has a favorable impact on the prices of Bitcoin, XRP, and Dogecoin.
Image source: Getty Images, chart source: Tradingview.com
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