BTC surges 5% to $71,000 as Trump postpones Iran escalation
CoinDesk • • general
Key Points:
- Crypto prices surged initially after U.S. President Trump announced a five-day postponement of attacks on Iran's power plants, easing fears of escalating conflict, with Bitcoin rising above $71,000 before retreating.
- Iran's Fars news agency denied that any talks between the two countries took place, creating market confusion and causing crypto gains to partially reverse.
- Gold prices recovered slightly, bond yields fell globally, and crude oil prices dropped sharply, with WTI crude down 11% and Brent crude down 8%, amid significant liquidations in tokenized Brent crude futures.
- Despite the initial risk-on market reaction, options data indicates traders remain cautious, with put options on Bitcoin and Ether maintaining a volatility premium over calls, reflecting skepticism about the sustainability of the rally.
- Shares of crypto-related companies like Galaxy Digital, Coinbase, IREN, and MicroStrategy saw modest gains in pre-market trading following the news.
