Crypto stocks surged Tuesday as a fragile ceasefire between Iran and Israel, brokered by U.S. President Donald Trump, helped stabilize global markets. Leading the gains was Coinbase Global Inc. (COIN), which emerged as the best-performing S&P 500 stock of the day, closing up 12.10%, according to Google Finance data.
The ceasefire, declared via Trump’s social media late Monday, promised to “go on forever.” Despite both nations reportedly launching missile strikes shortly after the announcement, markets reacted positively to the temporary de-escalation. On Tuesday, Trump told reporters he believed both sides had violated the agreement but insisted the truce was “still in place.”
Other crypto-related equities followed suit. Riot Platforms climbed 8.09%, while Marathon Digital rose 4.94%. MicroStrategy Inc. (MSTR), led by prominent Bitcoin advocate Michael Saylor, gained 2.68%.
The broader market also rebounded, with the S&P 500 rising 1.11%, buoyed by easing geopolitical tensions and strong performances in tech and crypto sectors.
Robinhood Markets, Inc. (HOOD) advanced 7.41%, bolstered by the launch of a promotional campaign offering a 1% crypto deposit match, which began Tuesday and runs through July 7.
Despite the bullish momentum, not all crypto stocks shared the rally. Circle Internet Group (CRCL), a stablecoin issuer newly listed on the market, slid 15.49%. However, the stock remains up nearly 620% since its debut at $31 on June 6.
Meanwhile, the crypto market maintained a modest uptrend. Bitcoin (BTC) rose 1.20% to trade at $106,487, while Ether (ETH) jumped 1.99% and XRP increased 1.92%, according to CoinMarketCap.
The renewed investor interest in crypto stocks is prompting more companies to explore public listings. Notably, global exchange OKX is reportedly considering a U.S. IPO following its relaunch in the country, according to reports on June 23.
