Bitcoin jumps back above $70 000 as Iran war worries ease

Bitcoin jumped back above $70 000 for the first time in four days as concerns over the war with Iran eased following comments from US President Donald Trump.

The original cryptocurrency rose as much as 2.32% to $70,581 in early Asia trading on Tuesday, rallying alongside equities while oil prices fell. The market reversal from Monday came after Trump said the conflict would resolve “very soon.”

Other cryptocurrencies also rose, though to a lesser extent. Ether, the second-largest digital asset, was up as much as 1.3% while XRP and Solana gained as much as 1.4% and 1.2% respectively.

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“Trump’s latest posts are being seen as potentially flagging an end to the Iranian conflict faster than the market was anticipating,” said Richard Galvin, co-founder of hedge fund DACM. “Risks are that the market is misreading Trump’s statements, or that either Israel, the USA or Iran takes action to further escalate hostilities and takes the option of de-escalation off the table.”

Equities jumped when markets opened in Asia. Japan’s Nikkei 225 index was up more than 3%. The MSCI Asia Pacific Index rose 2.7% — after tumbling 3.7% on Monday — with roughly three stocks advancing for every one that declined.

Meanwhile, Brent crude fell 7.7% to $91.37 a barrel, well off its $119.50 peak on Monday.

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