- Palestine’s militant group Hamas has agreed to a ceasefire with Israel, a move that could potentially impact the crypto market.
- Bitcoin options traders are betting on the BTC price hitting $80,000 by the end of May.
- However, the initial rally of altcoins may be weak until the SEC’s decision on spot Ether ETF.
Amid geopolitical tensions and ceasefire talks, the crypto market is poised for potential changes. Will Bitcoin, ETH, XRP, and SHIB rally in response?
Hamas Ceasefire: An Unexpected Catalyst?
Palestine’s militant group Hamas agreed to a ceasefire with Israel on Monday, following proposals from Qatar and Egypt. This development comes amid ongoing geopolitical tensions in Gaza, which have been indirectly negotiated via Qatar, Egypt, and the US. While the ceasefire is yet to receive official comment from Israel, it could potentially impact the crypto market. Experts have previously linked Middle East tensions to extreme volatility in the market, particularly due to the region’s focus on oil.
Bitcoin Price: Aiming for $80,000?
Bitcoin options traders are currently placing call bets for the BTC price to hit $80,000 by the end of May. These call options have a notional value of $195 million and a strike price of $80,000. Despite Bitcoin’s recent surge from $57,000 to $64,000, popular analyst Ali Martinez suggests that the MVRV 90-Day Ratio indicates that BTC remains in a “prime buy zone.” He predicts a bullish outlook for BTC, with the price potentially hitting $70,000 this week.
Altcoins: A Delayed Rally?
While Bitcoin traders are optimistic, the initial rally of altcoins may be weak. QCP Capital suggests that ETH is not seeing the same kind of positivity due to concerns about the SEC not approving the ETH spot ETF deadlines for VanEck and Ark21 on 23 and 24 May. However, the XRP price has jumped over $0.55 in response to the SEC’s deadline to file its reply in remedies brief. Pro-XRP lawyers believe the SEC’s argument to seek $2 billion is inappropriate, denying disgorgement and penalties alleged by the SEC.
Conclusion
The ceasefire agreement between Hamas and Israel could potentially impact the crypto market. While Bitcoin traders are betting on the BTC price hitting $80,000 by the end of May, the initial rally of altcoins may be weak until the SEC’s decision on spot Ether ETF. However, the XRP price has shown a positive response to the SEC’s deadline to file its reply in remedies brief. As the crypto market continues to evolve, traders and investors will be closely watching these developments.
