Bitcoin surges past $105,000, Ethereum jumps 8% and altcoins rally; traders eye Powell's speech for next leg up
Bitcoin surged past the $105,000 mark on Tuesday, lifted by easing geopolitical tensions and robust inflows into spot exchange-traded funds (ETFs).
As of 12:31 pm IST, the world's largest cryptocurrency was up 3.7% at $105,785, while Ethereum gained 8% to $2,430.
The total crypto market capitalisation rose 4.74% to $3.27 trillion, according to CoinMarketCap, according to an ET report.
The rally followed US President Donald Trump's announcement of a ceasefire agreement between Iran and Israel, which calmed investor fears about a prolonged geopolitical crisis and oil supply disruptions, the report said.
Major altcoins tracked Bitcoin's rise. Solana surged 9%, Sui climbed 15%, and Chainlink added 12%.
Other notable gainers included XRP (8.4%), Dogecoin (8%), Avalanche (8%), and Shiba Inu (10%).
'The ceasefire alleviated immediate concerns about global oil disruptions and restored geopolitical stability, prompting capital to flow back into risk assets,' said Edul Patel, Co-founder and CEO of Mudrex, in a comment to ET. He added that if Federal Reserve Chair Jerome Powell hints at rate cuts in his address later in the day, Bitcoin could break past the $107,700 resistance level.
Giottus CEO Vikram Subburaj told ET that spot Bitcoin ETFs saw $133 million in inflows. 'Despite short-term holders reacting to geopolitical news by moving 14,700 BTC to exchanges, the overall structure shows ongoing accumulation,' he said.
Sathvik Vishwanath, Co-Founder and CEO of Unocoin, said institutional support remains a key driver. 'Bitcoin has swept liquidity at $100K and now eyes the $110K–$112K zone.
If bulls defend $102K, the next leg could aim for $120K,' he was quoted as saying by ET.
The CoinDCX Research Team highlighted that the rally coincides with favourable regulatory developments. 'The Federal Reserve has removed the 'reputational risk' clause penalising Bitcoin and crypto. Saylor's MicroStrategy added another $26 million worth of Bitcoin, bringing its total to 592,345 BTC valued at $41.87 billion,' the team told ET.
They also noted that Europe's Blockchain Group recently added 75 BTC to its holdings, which now total 1,728 BTC.
The Crypto Fear and Greed Index rose to 65, re-entering the 'Greed' zone and reflecting increased investor confidence. However, analysts cautioned that high funding rates could trigger short-term pullbacks.
'Capital is rotating into majors, and with Bitcoin dominance at 64.5%, this signals market strength. But traders should stay cautious near $110K—whether it's a breakout or a bull trap will shape the next wave,' Vishwanath added, according to ET.
Market participants now await Powell's comments for further cues on interest rate policy. A dovish tone, analysts believe, could amplify bullish momentum and push Bitcoin closer to new all-time highs.
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