US crypto stocks surge amid fragile Iran-Israel ceasefire

US crypto stocks surged alongside the broader market on Tuesday after a fragile ceasefire between Iran and Israel brokered by President Donald Trump largely held.

Trump declared the ceasefire on social media on Monday, promising it would “go on forever,” though both nations reportedly launched missile strikes shortly after. The President told reporters on Tuesday that he believes both countries subsequently violated the agreement.

Coinbase Tops S&P 500 Gainers

The ceasefire announcement led to gains in crypto-related stocks on Tuesday. Coinbase Global Inc. (COIN) was the best-performing S&P 500 stock, closing the day up 12.10%.

According to Google Finance data, other notable performers included crypto mining firm Riot Platforms (+8.09%), Marathon Digital (+4.94%), and MicroStrategy (+2.68%).

*Coinbase stock performance during Tuesday’s trading. Source: Google Finance*

The broader S&P 500 index also saw gains, closing up 1.11%.

Peer Robinhood Markets (HOOD) climbed 7.41%, coinciding with the launch of its new “1%” crypto deposit match promotion, running through July 7.

Crypto Market Holds Steady

The rally saw most crypto stocks advance, although stablecoin issuer Circle Internet Group (CRCL) slid 15.49% during Tuesday’s trading. Despite this, Circle remains significantly up since its listing.

Meanwhile, the crypto market showed signs of resuming an uptrend. Bitcoin (BTC) gained 1.20% over the past 24 hours, trading near $106,487 as of the last report. Ether (ETH) spiked 1.99%, and XRP (XRP) rose 1.92%, according to CoinMarketCap data.

Growing interest in crypto stocks is also prompting other firms to explore public listings. Reports indicate that major global cryptocurrency exchange OKX is considering a US public listing following its relaunch in the country, planned for June 23.

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