The risk-off sentiment that plagued cryptocurrencies all week is reversing. Bitcoin is back in the green and the trigger was a sudden de-escalation in the Iran war.
Bitcoin traded at $63,550 on Friday, up 1.6% on the day and 1.4% over the week, according to data from CoinDesk. Days earlier it had fallen to levels last seen in 2024 (below $60,000), but has recovered and rallied again to a weekly gain.
A key catalyst came when President Donald Trump said the United States was close to a deal with Iran and had “ended the war with Iran today.” The markets interpret it as the end of a conflict that has shaken prices for more than 100 days. Brent crude fell 2% to around $88.50 a barrel, while gold and silver prices rose.
The measure was extended to stocks. South Korea’s Kospi, a gauge of AI stocks, rose 8.4%. The MSCI Asia Pacific Index gained 3.5%, its biggest gain in two months. U.S. stock futures were pointing higher and European stocks were on track to open up 1.8%.
