Bitcoin rebounded above the $70,000 mark during Asian trading on Tuesday as risk appetite improved after Donald Trump said the ongoing U.S.–Israel conflict with Iran could soon come to an end.
The world’s largest cryptocurrency was last up 3.4% at $70,201.3 as of 01:02 ET (05:02 GMT), after earlier rising to an intraday high of $70,558.4.
Bitcoin had briefly dropped to around $65,000 over the previous 24 hours as investors moved away from riskier assets amid a sharp surge in oil prices, which heightened concerns over global inflation.
Risk appetite improves after Donald Trump signals Iran war may soon end.
Market sentiment improved after Donald Trump said the war involving Iran could end soon, helping ease tensions in financial markets that had been unsettled by fears of a prolonged regional conflict.
Trump said the situation could ultimately be resolved, although he cautioned that it was unlikely to conclude this week. He also warned that the United States would respond “20 times harder” if Iran attempted to block the strategically critical Strait of Hormuz, a vital route for global oil shipments.
Oil prices fell to around $90 per barrel on Tuesday after surging close to $120 a barrel on Monday. The pullback helped ease worries about a sharp spike in global inflation that had weighed on markets earlier in the week.
Asian stock markets rebounded on Tuesday, with major regional benchmarks recovering part of the heavy losses recorded in the previous session after Monday’s sharp selloff. The improved mood followed gains on Wall Street overnight.
Cryptocurrency markets also moved higher in line with the broader recovery in risk appetite. Still, traders remain cautious as developments in the Middle East continue to influence commodity prices and global market sentiment.
Investors are now turning their attention to upcoming U.S. inflation data, including the January consumer price index due on Wednesday and the February personal consumption expenditures price index— the preferred inflation gauge of the Federal Reserve — scheduled for release on Thursday.
Crypto prices today: Altcoins gain as markets trade within a narrow range.
Most altcoins posted gains on Tuesday, although trading remained within relatively tight ranges.
Ethereum, the world’s No. 2 cryptocurrency, rose 1.8% to $2,046.92. XRP, ranked third by market capitalization, advanced 2.3% to $1.38.
Solana climbed 3%, while Cardano gained 1.2%. Polygon was largely unchanged. Among meme tokens, Dogecoin edged up 0.6%.
Sources: Ayushman Ojha
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