Bitcoin (COIN:BTCUSD) moved back above the $70,000 level during Asian trading on Tuesday as investor sentiment improved after U.S. President Donald Trump indicated that the ongoing U.S.–Israeli conflict with Iran could end in the near term.
The world’s largest cryptocurrency rose 3.4% to $70,201.3 by 01:02 ET (05:02 GMT), after touching an intraday high of $70,558.4 earlier in the session.
Over the previous day, Bitcoin had briefly fallen to around $65,000 as investors reduced exposure to riskier assets amid a surge in oil prices that fueled concerns about rising global inflation.
Trump comments support risk sentiment
Market confidence improved after Trump said the conflict involving Iran could be resolved soon, helping stabilize financial markets that had been unsettled by the possibility of an extended regional confrontation.
Trump said the situation might be resolved but warned that it was unlikely to end this week. He also cautioned that the United States would retaliate “20 times harder” if Iran attempted to block the strategically important Strait of Hormuz, a key route for global oil shipments.
Oil prices pulled back toward $90 per barrel on Tuesday after surging close to $120 per barrel on Monday, easing worries about an inflation spike that had pressured financial markets earlier in the week.
Asian stock markets rebounded on Tuesday, with major regional indices recovering part of the losses recorded during Monday’s steep selloff.
The positive tone followed gains seen overnight on Wall Street.
Cryptocurrency markets reflected the improvement in overall risk appetite. However, traders remained cautious as developments in the Middle East continue to affect commodity prices and broader market sentiment.
Investors are now awaiting key U.S. inflation data. The January consumer price index is due on Wednesday, followed by the February personal consumption expenditures price index — the Federal Reserve’s preferred measure of inflation — on Thursday.
Crypto prices today: altcoins post modest gains
Most altcoins edged higher on Tuesday, although trading remained within relatively tight ranges.
Ethereum, the world’s second-largest cryptocurrency, rose 1.8% to $2,046.92.
XRP, the third-largest cryptocurrency by market value, advanced 2.3% to $1.38.
Solana gained 3%, while Cardano added 1.2%. Polygon was largely unchanged.
Among meme tokens, Dogecoin climbed 0.6%.
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