The risk-off mood that hammered crypto all week is reversing. Bitcoin is back in the green, and the trigger was a sudden de-escalation in the Iran war.
Bitcoin traded at $63,550 on Friday, up 1.6% on the day and 1.4% over the week, per CoinDesk data. Days earlier it had fallen to levels last seen in 2024 – below $60,000 – but has recovered and climbed back to a weekly gain.
A key catalyst came as President Donald Trump said the US was close to a deal with Iran and that he had “ended the war with Iran today.” Markets read it as the end of a conflict that has whipsawed prices for more than 100 days. Brent crude dropped 2% to about $88.50 a barrel, while gold and silver prices surged.
The move extended to stocks. South Korea’s Kospi, a gauge for AI stocks, rose 8.4%. MSCI’s Asia Pacific index gained 3.5%, its biggest rise in two months. US stock futures pointed higher and European shares were set to open up 1.8%.