Bitcoin, Ethereum, XRP Extend Rally As Trump Cancels Strikes On Houthis

The crypto market rallied on Monda, with Bitcoin, Ethereum and XRP continuing to rise following reports that U.S. President Donald Trump has backed off plans to launch attacks against Yemen’s Houthis. The announcement brought relief from immediate worries regarding the other U.S. military move in the Middle East. Thereafter, Houthi officials revealed that Washington had contacted the group after its advance toward the Bab el-Mandeb Strait.

Bitcoin, Ethereum, XRP Surge As US Cancels Yemen Attack

The overall crypto market surge pushed the total market cap of cryptocurrencies to $2.87 trillion, up by 4.48%, in the last 24 hours, per CoinMarketCap.

Meanwhile, Bitcoin price climbed to $84,468.29, gaining 5.11% over 24 hours and 8.65% over seven days. At press time, BTC boasted a market cap of about $1.68 trillion and 24-hour trading volume of $29.02 billion.

Ethereum price also appreciated, trading at $2,707.70 with a 4.98% increase during the last 24 hours. Further, ETH has risen by 7.68% over the last seven days, and has a market cap of $329.49 billion and a daily volume of $15.92 billion.

Ripple’s XRP was moving even higher on a daily basis. As of writing, the XRP price traded around $1.47, up 6.77% in 24 hours and 6.64% over seven days. The total market valuation of XRP hit $92.73 billion mark. Whilst, the trading volume for XRP reached $3.77 billion.

The crypto market rally came in the wake of reports that Trump temporarily put an end to a planned U.S. strike against Iran-linked Houthi targets in Yemen after Saudi Crown Prince Mohammed bin Salman had urged Washington to act. Reports indicated U.S. military preparations had made some progress before Trump changed tacks.

Houthis Reply After Trump Calls Off Strikes

Mohamed al-Bukhaiti, a member of the Houthi political bureau, noted that Washington has reached out to the group after it took control of parts of the Red Sea chokeppoint.

Hence, Yemen’s Houthis promised the U.S. that American ships would not be attacked, the official said. Al-Bukhaiti stated, “We confirmed that we are not targeting the United States, or any other nation, in the strait, with the sole exception of the Saudi enemy,”

Al-Bukhaiti stated that the situation “still the same,” according to Euronews report. He also cautioned that if other countries are to join Saudi Arabia in its campaign, the group will fight on several fronts.

He also predicted that Houthis will continue to attack Saudi Arabia until Riyadh lifts the blockade on Houthis-controlled areas and allows ships to enter Red Sea ports under the control of the group. The comments came after renewed tensions and fighting erupted near the Bab el-Mandeb strait, which provides access to the southern Red Sea port of Aden, a strategic gateway for the Red Sea states.

Though the latest news is a relief to Bitcoin and the crypto market, the tensions in Saudi Arabia could spell trouble later on, per macro experts.