Bitcoin Steadies Around $70,000 as Iran War Worries Ease

A Bitcoin logo during the Bitcoin Asia conference in Hong Kong, China, on Thursday, Aug. 28, 2025. The conference runs through Aug. 29. Photographer: Chan Long Hei/Bloomberg Photo by Chan Long Hei /BloombergArticle content(Bloomberg) — Bitcoin reached $70,000 for the first time in four days as concerns over the war with Iran eased following comments from US President Donald Trump.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe original cryptocurrency rose as much as 2.3% to $70,581 on Tuesday, rallying alongside equities while oil prices fell. Bitcoin later pared gains and was trading around $70,000 at 6:00 a.m. in London. The market reversal from Monday came after Trump said the conflict would resolve “very soon.”Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentOther cryptocurrencies also rose, though to a lesser extent. Ether, the second-largest digital asset, was up as much as 1.3%, while XRP and Solana gained as much as 1.4% and 1.2%, respectively. The tokens pared gains along with Bitcoin later in the day.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“Trump’s latest posts are being seen as potentially flagging an end to the Iranian conflict faster than the market was anticipating,” said Richard Galvin, co-founder of hedge fund DACM. “Risks are that the market is misreading Trump’s statements, or that either Israel, the USA or Iran takes action to further escalate hostilities and takes the option of de-escalation off the table.”Article contentTrump sought to ease market jitters about energy prices during a Monday news conference at his resort in Doral, Florida. The president said his administration was “looking to keep the oil prices down.” He also raised the possibility of waiving some oil-related sanctions and US Navy escorts of tankers through the Strait of Hormuz.Article contentEquities jumped when markets opened in Asia. The MSCI Asia Pacific Index climbed 3%, with technology shares leading gains. European stocks were also set to advance with contracts indicating a 1.3% gain.Article contentArticle contentMeanwhile, Brent crude fell 6% to $93 a barrel, well off its $119.50 peak on Monday.Article contentSince the US and Israel initiated a bombing campaign on Iran on Feb. 28, Bitcoin has stood out as a relatively stable asset.Article content“The tape has been very strong for Bitcoin since the war started, with the $68,000 region being a very strong support,” said Pratik Kala, head of research at Apollo Crypto. “To the upside we are eyeing a strong push above $73,000 to take us to $87,000 as the next major resistance.”Article contentSo far this month, Bitcoin has even outperformed gold, a traditional inflation hedge. While Bitcoin initially fell when the bombing began — which happened while markets were closed — it has risen roughly 7% this month, while bullion has fallen about 2%.Article contentThis week, however, Bitcoin’s volatility has been on the rise. The asset’s 30-day implied volatility index reached a two-week high. The lack of conviction in Bitcoin’s price rally has become a recurring theme in recent months, as the asset has struggled to see significant gains in brief rallies since a sharp selloff in October. It remains down more than 40% from its peak above $126,000 that month.Article contentTraders continued to seek downside protection in options markets, with Bitcoin puts traded on Deribit concentrated at the $60,000 level.Article contentTrending Vietnam Plans to Scrap Fuel Import Curbs to Keep Supply Flowing PMN Business Here's why bets are rising for interest rate hikes including for Canada Economy Qatar to push LNG expansion plans to 2027 after Iran drone attack Oil & Gas Subscriber only. 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It's been five years since mortgage rates hit all-time lows, and no one is celebrating this anniversary Subscriber only Personal Finance Vast Ship Clusters and Speeding Tankers Point to Hormuz Jamming PMN Business