Bitcoin climbed to an intraday high of $71,775 on Tuesday before retreating toward $70,000 as global equities rallied on renewed hopes for easing tensions in the Middle East.
The world’s largest cryptocurrency still held a roughly 2% gain over 24 hours, briefly pushing its market capitalisation to about $1.42 trillion and helping lift the broader crypto market to around $2.76 trillion.
The rally coincided with a shift in market sentiment after US President Donald Trump suggested the conflict could be nearing an “off-ramp,” a remark that helped calm investors and trigger a broader relief rally across risk assets.
Volatility remained elevated as data from Coinglass showed about $383 million in leveraged crypto positions were liquidated within 24 hours, including roughly $213 million in short bets wiped out during the sharp move higher.
Bitcoin’s price action also began moving more closely with traditional markets again as Brent crude oil prices dropped below $100 per barrel after briefly surging to around $120 earlier in the week.
Lower energy prices provided relief for global equities, with South Korea’s Kospi jumping 5.4%, Japan’s Nikkei 225 rebounding 2.9%, and European benchmarks including Germany’s DAX, the UK’s FTSE 100 and France’s CAC 40 also posting strong gains.
Despite the rally, investors remain cautious as ongoing reports of aerial strikes and continued hostile rhetoric between regional actors keep geopolitical risk elevated across both traditional and digital asset markets.
At the time of reporting, Bitcoin price was $69,774.14.