On Monday evening, the crypto market soared following an announcement for a ceasefire deal between Iran and Israel. Bitcoin (BTC) climbed to $106,000 briefly while Ethereum surged to $2,430. Other altcoins followed through riding on the bullish wave across the market.
However, the rally might not last so long. In a recent development, reports show that Iran has breached the ceasefire deal. This means the war is far from over and the crypto market could feel the heat yet again.
Iran-Israel Ceasefire Deal at Crossroads
Yesterday, U.S President Donald Trump took to X to announce a peace deal between Iran and Israel. This move came despite Iran targeting the United States’ military base in the Middle East following the bombing of its three nuclear facilities by U.S fighter jets.
“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE ( in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress final missions for 12 hours, at which point the war will be considered ENDED!” Trump wrote on Truth Social.
Despite the ceasefire deal and peace making agreements, Israel military has reportedly shared that Iran has fired more missiles towards Israel. This breaks the deal that was announced earlier by Trump.
🚨 BREAKING: Iran has broken a ceasefire deal held with Israel, according to an IDF spokesman who said the defence systems are 'working to intercept the threat.'
More to follow… pic.twitter.com/MsfN3Fuxg8
— GB News (@GBNEWS) June 24, 2025
The Israeli military has also taken to X (formerly twitter) to confirm that it will retaliate against Iran. “In light of the severe violation of the ceasefire carried out by the Iranian regime, we will respond with force,” Israel Defense Forces posted.
Crypto Liquidations Surge over the Last Hour
With Iran breaking the ceasefire deal, the crypto market has felt slight heat. Over the last 24 hours, the liquidations have surged to $501.14 million with 133,148 traders getting liquidated. The largest liquidation in this period occurred on Binance with an Ethereum trader losing $12.14 million on a ETH/USDT trade.
However, over the last 1 hour, the liquidations have surged with the market generally in red. The liquidation data by Coinglass shows that Ethereum has experienced a total of $10.24 million liquidations over the last 1 hour. Bitcoin has also recorded $1.92 million in liquidations over the same period.
The surge in liquidations over the last hour is majorly as a result of increased tensions between Iran and Israel. Further escalation could mean a continuation of the war that has already lasted 12 days. This could mean more turmoil for global economies as Iran had a previous plan to choke global oil supply. Subsequently, if Iran and Israel get at each other again, cryptocurrencies could dip.
Crypto Market Outlook and What Lies Ahead?
Amid fresh tensions in the Middle East, the crypto market is still a bit stable. The total crypto market cap sits at $3.21 trillion after dipping to $3.0 level yesterday, as per TradingView data. However, the TOTAL still stands at risk in case the market crashes yet again.
As per CoinMarketCap, the price of Bitcoin sits at $105,078, a drop from the $106,000 level reached earlier. Ethereum is priced at $2,404 while altcoins including XRP, BNB and Solana (SOL) are priced at $2.17, $639 and $141, respectively.
While the market is generally in gains, if Iran continues to attack Israel despite the ceasefire deal, crypto investors may be forced to flee the market. Moving forward, market participants must keep a close eye on any developments around the war. A complete ceasefire will open the door for continued crypto market rally. In contrast, further retaliations between the two nations could cause yet another market dip.
