Bitcoin Reclaims $70,000 as Trump Signals Iran Conflict Could Ease
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Bitcoin (BTC-USD) climbed back toward the $70,000 mark after risk appetite returned across global markets, following comments from US President Donald Trump suggesting tensions with Iran could ease sooner than investors had anticipated. The world's largest cryptocurrency rose as much as 2.3% to $70,581 on Tuesday before paring gains and trading near $70,000 around 6:00 a.m. in London. Other major digital assets also moved higher during the session, with Ether rising as much as 1.3%, while XRP and Solana advanced about 1.4% and 1.2% respectively, though those gains also moderated later in the day.
Markets appeared to respond to Trump's remarks during a Monday news conference at his resort in Doral, Florida, where he said the conflict could resolve very soon. The president also indicated his administration was working to keep oil prices down and raised the possibility of waiving some oil-related sanctions while deploying US Navy escorts for tankers traveling through the Strait of Hormuz. Risk assets broadly moved higher after the comments, with the MSCI Asia Pacific Index climbing about 3% and futures signaling European stocks could rise roughly 1.3%, while Brent crude fell about 6% to around $93 a barrel, retreating from a $119.50 peak reached on Monday.
Bitcoin has shown relative stability since the US and Israel began a bombing campaign on Iran on Feb. 28, with some market participants pointing to the $68,000 level as an important support zone. The cryptocurrency has gained roughly 7% so far this month, outperforming gold, which has declined about 2% over the same period. At the same time, volatility in the asset has begun to rise, with Bitcoin's 30-day implied volatility index reaching a two-week high. Traders in options markets have also continued to seek downside protection, with puts traded on Deribit concentrated around the $60,000 level, highlighting ongoing uncertainty around whether the latest rebound could extend further.
source: https://www.tradingview.com/news/gurufocus:c4446e7a0094b:0-bitcoin-reclaims-70-000-as-trump-signals-iran-conflict-could-ease/
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