Bitcoin (BTC) Neared $80K as the US and Iran Extended the Ceasefire: Your Weekly Crypto Recap

An interesting and, ultimately, positive week, saw Bitcoin’s price attempt a shot at $80K and renewing positive sentiment across the board.

The tension, and more specifically the recent signs of de-escalation, in the Middle East have sparked another wave of volatility across the broader cryptocurrency market.

Recall that on April 22, Bitcoin (BTC) shot above $78,000 after US President Donald Trump revealed that the ceasefire with Iran had been extended. The sudden uptrend negatively affected traders who had opened too risky positions with high leverage, as liquidations over 24 hours reached almost $500 million.

The uptrend continued, and BTC briefly climbed above $79,500 (the highest level since late January) but couldn’t reclaim the psychological $80,000 level and retraced below $78,000. The past 24 hours saw another resurgence, with the valuation once again pumping beyond $78K.

Meanwhile, POTUS recently revealed that the Israel-Lebanon ceasefire will be extended by three weeks after talks at the White House. The temporary peace could further calm investors and create conditions that support a continued recovery in the crypto sector.

While BTC has spiked 4% over the past week, many altcoins have posted much more substantial gains. The trending MemeCore (M) is up 24% after hitting a new all-time high above $4.60 and solidifying its position as the second-biggest meme coin.

Monero (XMR), Zcash (ZEC), and Stellar (XLM) are also well in green territory, soaring between 5% and 9%. On the contrary, Aave (AAVE) and Worldcoin (WLD) have plummeted by 17% each over the last seven days.

Market Data

Market Cap: $2.691T | 24H Vol: $93B | BTC Dominance: 58.1%

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BTC: $78,200 (+4%) | ETH: $2,320 (-0.6%) | XRP: $1.44 (-1%)

This Week’s Headlines You Can’t Miss

iPhone Users Beware: Kaspersky Flags 26 Fake Crypto Wallet Apps That Could Drain Your Funds. Kaspersky has flagged a whopping 26 different wallet apps that are solely designed to drain your cryptocurrencies. If you are an iPhone user, be very careful!

Circle Draws Backlash for Aave USDC Rate Hike Proposal. The massive attack on KelpDAO left behind a lot of bad debt and frozen positions across Aave, drawing a lot of scrutiny and backlash toward Circle’s USDC following a proposal to increase USDC borrowing costs on the protocol.

Peter Schiff Says Strategy’s STRC is a Ponzi Scheme: Here’s Why. Peter Schiff has a new target, and it’s Strategy’s STRC initiative. The economist thinks it’s a Ponzi scheme. Here’s why.

Kalshi Cracks Down on Political Insider Trading, Bans Three US Candidates. Leading prediction market platform Kalshi has been cracking down on insider trading, especially related to politics. The most recent move saw them ban three US candidates.

Crypto for Safe Passage Through the Strait of Hormuz: The New Scam. As if tensions between Iran and the US aren’t enough, scammers have found new ways to target victims. Specifically, they’ve been posing as officials asking for crypto to ensure safe passage through the Strait of Hormuz.

Trump’s Fed Pick, Kevin Warsh, Warns of Tighter Liquidity: What It Means for Bitcoin. This week, Kevin Warsh, Donald Trump’s choice to replace Federal Reserve Chairman Jerome Powell, testified before the Senate Banking Committee and said that liquidity across the board might be tightening.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.