Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Bitcoin saw a modest increase on Wednesday, extending overnight gains as traders remained cautiously optimistic following a U.S.-brokered ceasefire between Israel and Iran. The ceasefire appeared to be holding, giving a slight boost to market sentiment.
Bitcoin rose 0.7% to $106,160.1 by 01:29 ET (05:29 GMT), reflecting a small but notable rebound from recent losses. However, broader crypto markets cooled off after Tuesday’s rally, as traders remained on edge over whether the ceasefire would hold in the long term. This uncertainty also led to some profit-taking in major altcoins.
Israel-Iran Ceasefire: Caution Remains in the Market
On Monday evening, U.S. President Donald Trump announced a ceasefire agreement between Israel and Iran, which, by Wednesday morning, appeared to be holding despite earlier tensions. Trump had criticized both countries for allegedly breaking the ceasefire on Tuesday, but by Wednesday, Tehran and Jerusalem appeared to have reduced their aerial strikes.
The market remains focused on whether the ceasefire will last, given that renewed hostilities between the two nations had previously dampened risk appetite, particularly in risk-driven assets like cryptocurrencies. Crypto’s speculative nature left it highly vulnerable to shifts in sentiment.
Despite Bitcoin’s modest rebound, it continued to trade within the same $103,000 to $108,000 range that has been seen throughout most of June.
Guotai Junan’s Crypto License Boosts Shares
Meanwhile, shares of Chinese brokerage Guotai Junan International Holdings Ltd (HK:1788) surged over 100% on Wednesday after its Hong Kong unit received regulatory approval to trade crypto assets. The Hong Kong Securities and Futures Commission granted the firm an upgraded license, allowing it to provide crypto dealing services to its clients. This development taps into the rapidly growing crypto market in Hong Kong, where crypto trading remains legal despite a ban in mainland China.
The recent approval aligns with Hong Kong’s efforts to regulate the crypto space, which included the passage of a stablecoin bill last month. The bill introduced a regulatory framework for fiat-pegged stablecoin issuers.
Crypto Price Update: Altcoins Underperform
While Bitcoin saw gains, broader crypto prices lagged behind, reflecting a slight cooling of the recent rebound. Ethereum (ETH) rose by 0.5% to $2,433.45, while XRP remained flat at $2.1818. Other altcoins such as Solana saw a modest 0.1% increase, while Cardano dropped 1.8%.
Meme tokens also saw declines, with Dogecoin falling 0.8% and $TRUMP dropping 2.1%.
