The Bitcoin, XRP, and Dogecoin prices are surging today, recording significant gains. This follows an agreement between the U.S. and Iran to a 2-week ceasefire as they work towards a peaceful settlement of the war.
Why The Bitcoin, XRP, And Dogecoin Prices Are Up Today
The Bitcoin, XRP, and Dogecoin prices are up over 4% today, according to CoinMarketCap data. This comes amid the announcement by both the U.S. and Iran of a 2-week ceasefire. In a Truth Social post, U.S. President Donald Trump announced that both sides had agreed to a temporary ceasefire and that Iran also agreed to reopen the Strait of Hormuz.
Bitcoin, XRP, and Dogecoin prices also rose as Trump announced that, as part of the ceasefire, he has agreed to suspend bombing and attacks on Iran for 2 weeks. This came just as the president’s deadline to attack Iran’s energy infrastructure neared, with the president already threatening to wipe out their ‘civilization.’
Trump also signaled that they are close to reaching a peaceful and conclusive settlement of the war, which is also a positive for the Bitcoin, XRP, and Dogecoin prices. He noted that they have already met and exceeded all military objectives and are very far along with a definitive agreement concerning long-term peace with Iran and peace in the Middle East.
Specifically, Trump revealed that they had received a 10-point proposal from Iran and that they believe it is a workable basis for negotiation. He added that almost all the points have been agreed to by the U.S. and Iran, and that the two-week period will allow them to finalize and consummate the agreement.
Iranian Foreign Minister Abbas Araghchi also posted a statement on X confirming the 2-week ceasefire in the U.S.-Iran war. He stated that Iran will cease its defensive operations as long as U.S.-Israeli attacks are halted. Araghchi also confirmed that they will ensure safe passage through the Strait of Hormuz over the next two weeks.
More Short Positions Liquidated
The Bitcoin, XRP, and Dogecoin prices have also surged as more short positions are liquidated in the last 12 hours amid the agreement to a 2-week ceasefire by the U.S. and Iran. Over this period, $400 million in short positions have been liquidated while $110 million in long positions have been liquidated, according to CoinGlass data.
It is worth noting that oil prices have crashed following the agreement of a ceasefire. Both Brent crude and WTI oil futures have crashed below $100, down 14% and 8%, respectively, in the last 24 hours. This comes as traders begin to price in a long-term settlement between the U.S. and Iran, which is a positive for the Bitcoin, XRP, and Dogecoin prices.
Featured image from Getty Images, chart from Tradingview.com
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