Bitcoin rebounded above $70,000 levels in Asian trading on Tuesday, as risk appetite returned after President Donald Trump said the ongoing US-Israeli war with Iran could be over soon.
The world's largest cryptocurrency was last up 3.4% at $70,201.3 by 01:02 ET (05:02 GMT), having climbed as high as $70,558.4 earlier in the session.
Bitcoin had briefly tumbled to around $65,000 over the previous 24 hours as investors fled riskier assets amid surging oil prices, which stoked global inflation fears.
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Trump talks end to Iran war, risk appetite improves Sentiment improved after U.S. President Donald Trump said the war involving Iran could end soon, helping calm financial markets that had been rattled by the prospect of a prolonged regional conflict.
Trump said the situation could be resolved, though he cautioned that it was unlikely to end this week. He also warned that the U.S. would respond “20 times harder” if Iran attempted to shut the strategically vital Strait of Hormuz, a key route for global oil shipments.
Oil prices retreated near $90 per barrel on Tuesday after surging close to $120 a barrel on Monday, easing concerns about a spike in global inflation that had weighed on financial markets earlier in the week.
Asian stock markets rebounded on Tuesday. Major regional benchmarks recovered part of their previous session’s losses after Monday’s sharp selloff.
The positive mood followed gains on Wall Street overnight.
Cryptocurrency markets tracked the improvement in broader risk sentiment. However, traders remain cautious as developments in the Middle East continue to influence commodity prices and global market sentiment.
Investors now await the U.S. January consumer price index report on Wednesday, while the February personal consumption expenditures price index -- the Federal Reserve’s preferred inflation gauge -- is due on Thursday.
Crypto price today: altcoins rise in range-bound trade Most altcoins gained on Tuesday, but traded in narrow ranges.
World no.2 crypto Ethereum rose 1.8% to $2,046.92.
World no. 3 crypto XRP advanced 2.3% to $1.38.
Solana climbed 3% and Cardano gained 1.2%, while Polygon traded largely flat.
Among meme tokens, Dogecoin rose 0.6%.
