Bitcoin finally crossed the door.
The largest cryptocurrency surpassed $72,000 on Thursday, its highest level since before the Feb. 5 crash and the first clean move above the $70,000 ceiling that had rejected it three times in the last month.
It was trading at $72,180 in Asian afternoon hours on Thursday, up 5.9% over the past 24 hours and 5.4% on the week, as a combination of easing war anxiety, strong ETF flows and a broader rally in stocks brought risk appetite back into the market.
The demonstration was broad. Ether rose 7.5% to $2,114, reclaiming $2,000 with conviction for the first time since late February. Dogecoin rose 7.5% to $0.095. Solana added 5.3% to $89.91. XRP rose 4.2% to $1.41 and BNB gained 3% to $650. WhiteBIT Coin jumped 5.6%. The only notable laggard was Tron, up just 1.4%.
The trigger was a change in global risk sentiment. Asian stocks rose for the first time since war with Iran broke out, with South Korea’s benchmark index rising 11% after its biggest drop on record in the previous session.
Wall Street had led the way after economic data eased concerns about inflation, although the recovery appeared timid with US and European futures falling slightly on Thursday morning.
However, the conflict itself remains unresolved. Tehran continues to target Israel and the Gulf States. US and Israeli forces continued to attack Iran, including sinking an Iranian warship in international waters. Defense Secretary Pete Hegseth said the operations could last “six, eight, three” weeks. Trump said that “we are doing very well on the war front” and that the United States has “great support.”
But the markets have overcome the initial shock and have entered pricing mode. The situation in the Strait of Hormuz appears to be stabilizing with US tanker escort underway. Oil reduced its rise from the beginning of the week.
And the worst-case scenario, an uncontrolled regional escalation, seems less likely with each passing day without the conflict expanding dramatically.
