Crypto markets bounced back hard on Sunday after using Saturday’s pricing in what looked like the start of a protracted regional war.
Bitcoin rose to $66,843, up 5.2% over the past 24 hours, recovering most of the losses from Saturday’s dip below $64,000 following US and Israeli attacks on Iran.
The rejection accelerated after Iranian state television confirmed the death of Supreme Leader Khamenei, which markets interpreted as raising the odds of a shorter conflict.
Solana led the rally among the majors, rising 10.8% to $86.42. Ether rose 7.5% to regain $1,994, putting it back within touching distance of $2,000 for the first time since Thursday. Cardano added 6.7%, dogecoin rose 6.5%, XRP rose 5.6%, and BNB rose 4.8%.
However, the weekly picture is messier. Bitcoin is still down 1.6% over seven days, XRP has lost 2% and dogecoin is down 2.5%. Solana and ether are the only majors back in the green on the week, up 1.7% and 1.1% respectively.
The weekend’s volatility has been huge, but the net movement has been small, capturing the broader story of a market that was whipsawing global headlines without really going anywhere.
The rejection looks convincing on a 24-hour chart, but fragile in context. Saturday’s sell-off occurred on thin weekend liquidity. Sunday’s rally happened on the same thin liquidity, just in the opposite direction.
The real test will come in hours when stock futures, oil and bond markets reopen and institutional capital has its first chance to react to Saturday’s events.
Polymarket’s ceasefire contract gives a 78% chance of a US-Iran ceasefire by April 30 and 61% by March 31, as reported earlier Sunday.
If this pricing holds as the traditional markets digest the weekend, the bounce has legs. But if oil spikes and stocks gap lower on the open, crypto’s Sunday optimism could fade the same way Wednesday’s push to $70,000 did.
