Prices for leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are up 3% after U.S. President Donald Trump appeared to deescalate America’s war with Iran.
After falling as low as $67,000 U.S. over the weekend, Bitcoin’s price is trading at $70,000 U.S. as markets eye a potential end to the war in Iran and the surging energy prices that resulted.
Ethereum is back trading above its key support level of $2,000 U.S. as investors rush back into risk assets amid signs that the war in Iran will be short lived.
Other cryptocurrencies such as Solana (SOL), XRP (XRP), and Dogecoin (DOGE) are each up more than 2% in premarket trading.
Digital assets are rallying alongside stocks, which are surging after Trump wrote on social media that the U.S. and Iran are talking and that he will hold off on any further attacks for five days.
The blue-chip Dow Jones Industrial Averag is up 800 points after Trump’s latest comments but was up more than 1,000 points at one point.
At the same time, crude oil prices fell as much as 10% immediately after Trump’s social media post as hopes rise for a quick end to the Middle East conflict.
Prices for cryptocurrencies have been volatile in recent weeks, with Bitcoin rising as high as $75,000 U.S. and falling as low as $65,000 U.S. in recent sessions.
Analysts say they expect crypto to remain volatile in the near-term until crude oil prices stabilize and equity markets reverse higher.
Cryptocurrencies such as Bitcoin trade around the clock: 24 hours a day, seven days a week.
