Summary
- Bitcoin rebounded above $63,000 after a week of risk-off selling, helped by a sudden de-escalation in the conflict with Iran.
- Global markets rallied on the perceived end of the Iran war, with oil prices falling, gold and silver jumping, and Asian stock indexes posting their biggest gains in months.
- Major cryptocurrencies broadly climbed alongside bitcoin, but the durability of the bounce hinges on a formal Iran deal that President Trump says could be signed in Europe this weekend.
Bitcoin’s Rebound and the End of the Iran War
As the risk-off mood that affected crypto all week begins to reverse, Bitcoin is once again in the green. This sudden change is largely attributed to the de-escalation of the Iran war. With Bitcoin trading at $63,550 on Friday, it marked a 1.6% increase for the day and a 1.4% gain over the week. This rebound is a welcome change after Bitcoin had fallen to levels not seen since 2024, below $60,000.
The catalyst for this change came when President Donald Trump announced that the US was close to a deal with Iran and that the war had ended. This news had a significant impact on the markets, with Brent crude dropping 2% to about $88.50 a barrel. In contrast, gold and silver prices surged, and the move extended to stocks, with South Korea’s Kospi rising 8.4% and MSCI’s Asia Pacific index gaining 3.5%, its biggest rise in two months.
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