Bitcoin climbs to $70K as Trump’s Iran strike pause sparks risk-on rally, crypto market cap adds $60 billion
Synopsis
Bitcoin reached $70,000 on Tuesday after a temporary pause in military strikes against Iran boosted market sentiment. Cryptocurrencies saw gains, with Bitcoin outperforming traditional assets. Despite a sharp rebound and short squeezes, investor caution persists. The crypto market capitalization increased significantly. Near-term price action for Bitcoin remains dependent on geopolitical stability and Federal Reserve policy.
Bitcoin climbed to $70,000 mark on Tuesday as market sentiment saw a near-term boost after Donald Trump announced a temporary 5-day pause on military strikes against Iran following “productive” talks, triggering a broad risk-on reaction across global markets.
In the past 24 hours, Bitcoin went up 2% whereas Ethereum gained 3% to trade at $2,132. Among the major altcoins, XRP, Solana, Tron, Dogecoin, and Cardano gained up to 3.5% whereas BNB and Hyperliquid slipped 0.4% and 0.3% respectively.
Also Read | Gold, silver ETFs fall up to 13% amid Middle East conflict. Should investors stay invested or cut exposure?
Crypto TrackerTOP COINS (₹) Ethereum200,275 (3.4%)Bitcoin6,598,838 (2.21%)XRP133 (1.77%)Tether94 (-0.11%)BNB59,075 (-0.21%)Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin has continued to show relative strength, outperforming gold and the S&P 500 since the start of the U.S.-Iran conflict, gaining roughly ~7% while traditional assets remained subdued.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »Sehgal further said that this move pushed total crypto market capitalization higher by nearly $60 billion within hours, while a sharp short squeeze liquidated over $269 million in bearish positions in a compressed timeframe.
Live Events
Despite the sharp rebound, derivatives positioning reflects continued caution, indicating that a sustained uptrend will likely require stronger confirmation from both macro stability and clearer regulatory direction, Sehgal added.
The global crypto market capitalisation went up 2.7% to $2.41 trillion, according to .
Crypto market capitalization surged $60 billion in the past 14 hours, climbing from $2.32 trillion to $2.38 trillion. Besides, wallets holding 100 to 100K ETH accumulated 756,950 ETH in the past two days, said CoinDCX Research Team.
In the past week, Bitcoin and Ethereum were down 5% and 7.4% respectively. Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid, and Cardano slipped upto 7.8% whereas Tron was up 4.7%.
Vikram Subburaj, CEO, Giottus said that it is stabilising after a drop to roughly $67,300-$67,500 the previous day and price action remains contained within a clearly defined band near $67,000-$68,000.
The near-term setup remains externally driven. Bitcoin’s hold above $70,000 is intact, but direction is contingent on macro resolution. And, it is specifically about whether the U.S.-Iran tensions de-escalate, how oil prices evolve, and whether the Fed’s policy stance shifts meaningfully. Until then, Bitcoin is likely to oscillate between $68,000 and $72,000, Subburaj further said.
Also Read | Can Rs 20 lakh grow into Rs 3 crore in 15 years? Here’s what expert recommends
Market perspective
Akshat Siddhant, Lead quant analyst, Mudrex
Bitcoin is holding above $70,000 after initial optimism around easing Middle East tensions supported the rally. However, Iran’s denial of peace talks quickly cooled sentiment, triggering over $810 million in liquidations in 24 hours and increasing caution among investors.
WazirX Markets Desk
Bitcoin has shown relative stability amid this backdrop. After a recent decline toward the $67,000, BTC has recovered and is holding above the key $70,000 level. At the same time, structural developments within the crypto ecosystem continue. Strategy’s plan to raise $44.1 billion for additional Bitcoin purchases signals ongoing institutional accumulation interest.
CoinSwitch Markets Desk
The situation is still uncertain, and any negative headlines could quickly shift sentiment again. On the ETH side, fundamentals remain strong. Ethereum held on exchanges has dropped to around 16.2 million, while about 37 million Ethereum is locked in staking. With less Ethereum readily available to trade, even a pickup in demand could lead to more price movements.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.
