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Bitcoin briefly rose above the $70,000 mark for the first time in four days as concerns over a potential war with Iran eased following remarks by U.S. President Donald Trump, Bloomberg reported on the 10th.
According to Bloomberg, Bitcoin climbed as much as 2.32% during early Asian trading, reaching $70,581.
Other cryptocurrencies also posted gains.
Ethereum, the second-largest cryptocurrency by market capitalization, rose as much as 1.3%, while XRP and Solana gained up to 1.4% and 1.2%, respectively, Bloomberg said.
Earlier on the 9th (local time), President Trump told reporters at the Doral resort in Florida that military operations against Iran would “end soon.” In response to follow-up questions, he added that the operation would conclude “very soon.”
Richard Galvin, co-founder of hedge fund DACM, told Bloomberg that “Trump’s recent posts are being interpreted as signals that the conflict with Iran may end sooner than the market had expected.”
However, he cautioned that “there is a risk the market may be misinterpreting Trump’s remarks, or that one of Israel, the United States, or Iran could further escalate hostilities, eliminating the possibility of de-escalation.”
This article is for informational purposes only and does not constitute investment advice.