Cryptocurrencies are rallying alongside stocks as oil prices drop and markets around the world stage a relief rally on signs the war in Iran will be short lived.
Bitcoin (BTC), the largest cryptocurrency, is back trading above $70,000 U.S., having risen 2% in the last 24 hours.
Similarly, Ethereum (ETH) has gained 3% and reclaimed the key support level of $2,000 U.S. Other digital assets are also moving higher.
Solana (SOL) is up 3% and trading at $85.67 U.S., while XRP has gained 1.7% to reach $1.37 U.S. per token.
Dogecoin (DOGE), a leading meme coin, is up 4% and recently formed a bullish "golden cross" chart pattern, suggesting more near-term gains ahead.
The latest catalyst for the rebound in cryptocurrencies has been U.S. President Donald Trump’s comments that the Iran conflict will be resolved “very soon.”
Oil prices fell below $90 U.S. a barrel from more than $100 U.S. a day earlier after those comments from Trump, sending global equity markets and crypto sharply higher.
Prices for digital assets are also getting a lift as capital begins to flow back into exchange-traded funds (ETFs) that track the spot prices of Bitcoin, Ethereum, and other digital assets.
Market data shows $619 million U.S. in crypto fund inflows, with $521 million U.S. going to Bitcoin products and total assets under management (AUM) among crypto ETFs at $108.3 billion U.S.
