Bitcoin (COIN:BTCUSD) moved back above the $70,000 mark during Asian trading on Tuesday as investor appetite for risk assets improved following comments from U.S. President Donald Trump suggesting the ongoing U.S.–Israeli conflict with Iran could end soon.
The world’s largest cryptocurrency was trading 3.4% higher at $70,201.3 by 01:02 ET (05:02 GMT), after reaching an intraday peak of $70,558.4 earlier in the session.
Bitcoin had briefly fallen to around $65,000 during the previous day as investors shifted away from riskier assets amid a surge in oil prices that fueled concerns about rising global inflation.
Trump comments ease market concerns
Market sentiment strengthened after Trump said the conflict involving Iran might be resolved in the near future, helping steady financial markets that had been unsettled by fears of a prolonged confrontation in the region.
Trump noted that the situation could be resolved, but warned that it was unlikely to conclude this week. He also cautioned that the United States would retaliate “20 times harder” if Iran attempted to block the critical Strait of Hormuz, an essential passage for global oil shipments.
Oil prices pulled back toward $90 per barrel on Tuesday after climbing close to $120 a barrel on Monday, easing fears of an inflation surge that had weighed on financial markets earlier in the week.
Asian equity markets rebounded on Tuesday, with key regional indices recovering some of the losses recorded during Monday’s sharp sell-off.
The improved mood followed gains in U.S. equities overnight.
Cryptocurrency markets mirrored the recovery in broader risk sentiment. However, traders remain cautious as developments in the Middle East continue to affect commodity prices and global financial markets.
Investors are now looking ahead to upcoming U.S. inflation data. The January consumer price index is scheduled for release on Wednesday, followed by the February personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — on Thursday.
Crypto prices today: altcoins post modest gains
Most alternative cryptocurrencies posted gains on Tuesday but remained within relatively tight trading ranges.
Ethereum, the world’s second-largest cryptocurrency, rose 1.8% to $2,046.92.
XRP, ranked third by market value, advanced 2.3% to $1.38.
Solana gained 3%, while Cardano added 1.2%. Polygon traded largely unchanged.
Among meme coins, Dogecoin edged up 0.6%.