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Bitcoin recovers above $70,000 after Trump’s statements
Bitcoin recovered above the $70,000 level during Asian trading on Tuesday as risk appetite returned after U.S. President Donald Trump said the ongoing war involving the United States, Israel, and Iran could end soon.
The world’s largest cryptocurrency rose 3.4% to $70,201.3 by 05:02 GMT, having earlier reached a session high of $70,558.4.
Bitcoin briefly fell to around $65,000 over the previous 24 hours, as investors avoided riskier assets amid a sharp rise in oil prices, which raised concerns about global inflation.
Trump says war with Iran could end, risk appetite improves
Sentiment improved after U.S. President Donald Trump said the war involving Iran could soon end, helping calm financial markets that had been worried about the prospect of a prolonged regional conflict.
Trump said the situation could be resolved, although he warned it was unlikely to happen this week. He also warned that the U.S. would respond “20 times harder” if Iran attempted to close the strategically important Strait of Hormuz, a key route for global oil supplies.
Oil prices eased to around $90 per barrel on Tuesday after surging to nearly $120 per barrel on Monday, easing concerns about a spike in global inflation that had pressured financial markets earlier in the week.
Asian stock markets recovered on Tuesday. Major regional indices regained part of the previous session’s losses after a sharp drop on Monday.
Positive sentiment followed gains on Wall Street overnight.
Cryptocurrency markets also followed the improvement in overall risk appetite. However, traders remain cautious as developments in the Middle East continue to affect commodity prices and global market sentiment.
Investors are now awaiting the U.S. Consumer Price Index (CPI) for January on Wednesday, while the Personal Consumption Expenditures (PCE) price index for February, the Federal Reserve’s preferred inflation gauge, is expected on Thursday.
Crypto prices today: altcoins rise in range-bound trading
Most altcoins rose on Tuesday but traded within narrow ranges.
- Ethereum, the world’s second-largest cryptocurrency, rose 1.8% to $2,046.92.
- XRP, the third-largest cryptocurrency, gained 2.3% to $1.38.
- Solana rose 3%, while Cardano gained 1.2%, and Polygon traded mostly unchanged.
Among meme tokens, Dogecoin rose 0.6%.
See also: "South Korea will allow companies to invest in cryptocurrencies with restrictions on stablecoins"
