Analysis: Bitcoin's rise boosted the overall crypto market, while expectations of a ceasefire in Iran drove risk-on trading.

Boosted by expectations of a potential ceasefire agreement between the US and Iran, market risk appetite has rebounded. The ceasefire plan is reportedly set to take effect on Monday, potentially reopening the Strait of Hormuz. Bitcoin's rise has driven the overall crypto market higher, with Ethereum, Solana, and other major assets also rising. The derivatives market has also released bullish signals, with Bitcoin futures showing improved structure and 30-day implied volatility continuing to decline. Meanwhile, Nasdaq 100 futures rose 0.8%, reinforcing the risk-on atmosphere. However, analysts point out that the market rebound still faces uncertainty. Recent ceasefire announcements have been repeatedly denied or refuted by Iran; if similar situations occur again, the market could quickly reverse. Furthermore, even if an agreement is reached, its binding force on Israel remains questionable, potentially limiting the sustainability of risk appetite. Overall, while Bitcoin has upside potential, macroeconomic variables remain a key constraint. (CoinDesk) Note: "Risk-on" is a common term in financial markets, meaning the market is in a "risk-averse" state, where investors are willing to take on more risk to pursue returns.