Bitcoin surged to nearly $70,000 amid geopolitical tensions between the U.S. and Iran, with oil prices also climbing. The weekend’s quiet trading was disrupted by conflicting reports about negotiations, sparking a broad cryptocurrency rally. Ethereum reclaimed $2,100, while assets like Cardano and Avalanche posted significant gains. The total crypto market capitalization increased by over $60 billion.
Bitcoin’s price action was highly volatile last week, reacting to each new development in the conflict with Iran. The asset dropped to a monthly low near $65,000 before surging to almost $69,200, only to be rejected.
Contradicting comments and reports from former President Donald Trump continued throughout the Easter weekend. Trump first gave a 48-hour deadline to Iran to reopen the Strait of Hormuz by Monday, then extended it, then threatened again to attack power plants and bridges.
A new report emerged claiming both parties had engaged in negotiations, though the chances of a deal were described as “slim.” Bitcoin jumped to $69,600 following this news as data shows oil prices surged above $110 per barrel and Wall Street futures recovered.
Bitcoin’s market cap climbed to $1.38 trillion, and its dominance over alternative cryptocurrencies rose to 56.5% as analyzed. Most larger-cap altcoins traded positively, adding over $60 billion to the total crypto market value.
Ethereum was a top performer, surging over 4% to reclaim the $2,100 resistance level. XRP neared $1.35 after a 3.5% daily increase, and Cardano jumped nearly 6% to overcome $0.25.
Solana, Chainlink, and Avalanche also posted gains, with Avalanche rising 7% to approximately $9.40. In contrast, the altcoin designated RAIN was a rare decliner, plummeting nearly 10%.
