5 min read- BTC has risen 5% over the past 24 hrs, reaching 106k
- The mood improved following the Israel-Iran ceasefire
- Fed Chair Powell testifies again before Congress
- BTC ETFs post 11 straight days of net inflows
- Corporations accumulate BTC
- Mastercard Chainlike partnership lifts LINK
Bitcoin is rising for a third straight day, extending its recovery from 98k to 106k amid cautious optimism following the Israel-Iran ceasefire, which appears to be holding. Markets look ahead to Federal Reserve Chair Jerome Powell’s second day of testifying before Congress as the USD trades close to a yearly low.
On Monday, President Trump announced a ceasefire deal between Israel and Iran, which, although fragile, appears to be holding up. The move has eased concerns over the broadening of tensions in the Middle East. As a result, oil prices have fallen back below $65 per barrel, calming inflation worries. The market mood has improved, lifting demand for risk assets such as crypto. US stocks are trading close to record highs.
With geopolitical tensions easing in the Middle East, attention is turning back to monetary policy. Federal Reserve Chair Jerome Powell is due to testify for a second day before Congress, and his comments will be watched closely for clues over the outlook for rates. Yesterday, Powell pushed back on calls for a July rate cut. However, he did hint towards two rate cuts this year, in line with the Fed’s dot plot. The USD failed to benefit from Powell’s comments and traded close to a yearly low. A weaker USD is often beneficial for BTC.
Should Powell’s second day of testimony hint towards a more dovish stance, this could help support a British case for Bitcoin and other risk assets. However, if Fed Chair Powell adopts A hawkish position, this could weigh on the BTC price near term
BTC ETFs record 11 days of inflows
Bitcoin institutional demand has remained strong despite the recent geopolitical uncertainty. BTC ETFs have recorded 11 straight days of net inflows, marking the longest run of consistent inflows since December 2024. Over an 11-day stretch that began on June 10th, Bitcoin ETFs added over $2.2 billion in inflows, signaling increasing institutional interest in the asset class.
Corporations keep accumulating BTC
In addition to institutional demand, corporate demand is also strong, with a series of accumulations from public companies, including Strategy Meta Planet and the Blockchain Group, adding to the BTS see piles. Furthermore, Anthony Pompliano’s ProCap BTC LLC bought 3724 BTC one day after announcing a $1 billion merger.
Chainlink Mastercard partnership boosts LINK
LINK rallied over 5% following Chainlink’s announcement of a partnership with payments firm MasterCard. The deal will enable 3 billion cardholders to purchase crypto directly on-chain.
This key partnership, announced on Tuesday, bridges the gap between traditional finance and decentralised finance, permitting secure fiat-to-crypto transactions and could spur crypto adoption. The move also boosts investor confidence in LINK, sending the price higher.
Where next for LINK?
LINK has trended lower since December last year, trading below its falling trendline. The price recovered from its recent 11 low. Buyers would need to extend the recovery above 14.60, the 50 SMA, and the falling trendline to rise towards 15.60, the June high. A rise above here creates a higher high and changes the structure of the chart.
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