US Cryptocurrency Stocks Soar on Trump Mediation… Coinbase Up 12%

With the temporary maintenance of a ceasefire between Iran and Israel through US mediation in the Middle East region, US cryptocurrency-related stocks showed a sharp increase on the 23rd (local time). After President Trump personally facilitated the ceasefire, although additional missile exchanges occurred between the two countries, the market revealed a risk asset preference sentiment due to the easing of geopolitical tensions. President Trump announced the ceasefire on social media the previous day, stating it would "last forever", but reports emerged of missile launches within hours. Later, in a press briefing, he criticized that "both sides appear to have violated the ceasefire promise" and that "they have been fighting for so long and so much that they don't even know what they're doing". The positive atmosphere for the cryptocurrency market was immediately reflected in the stock market. Coinbase, the largest US cryptocurrency exchange, recorded the highest increase among S&P500 index stocks. Its closing price surged 12.10% compared to the previous day. Additionally, cryptocurrency mining companies Riot Platforms rose 8.09%, Marathon Digital increased 4.94%, and MicroStrategy led by Michael Saylor also rose 2.68%, showing strong performance compared to the overall market. This upward trend is significant in that the diplomatic tension easing triggered by President Trump's mediation attempt provided some relief to the market. Particularly, as cryptocurrency-related stocks are sensitive to geopolitical uncertainty, volatility may potentially increase again depending on future Middle Eastern situations.