Bitcoin tops $70,000 after President Trump cites progress in Iran talks

Bitcoin climbed back above $70,000 after President Donald Trump reported progress in talks between the United States and Iran and announced a five-day pause on planned military strikes, sparking a rebound across digital assets.

The largest cryptocurrency rose about 4.4%, moving from roughly $68,500 to nearly $71,500 after the announcement, and was last near $70,400. Ether advanced about 7.2%, from around $2,048 to about $2,196, and held close to $2,160.

In a post on Truth Social, Trump described “very good and productive conversations,” calling them “in depth, detailed, and constructive,” and noted that discussions would continue through the week. He wrote that he had instructed the “Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period,” contingent on progress in the talks.

The rebound followed days of elevated tension that pushed investors to trim risk. Prior warnings about potential U.S. strikes on Iranian power facilities and possible retaliation against energy infrastructure had raised concern over disruptions through the Strait of Hormuz, a major route for global oil shipments.

Across traditional markets, interest-rate expectations swung as traders reacted to the changing geopolitical outlook and inflation risks. Treasury volatility increased as investors rapidly adjusted policy paths, at one point briefly factoring in the chance of rate hikes this year. The U.S. dollar strengthened, equities came under pressure amid tighter funding conditions, and gold fell as yields moved higher.

Crypto prices tracked these macro shifts. “Markets are trading one theme above all others: ‘geopolitical inflation,’” noted Timothy Misir, head of research at BRN. He flagged the potential for short squeezes to push bitcoin higher, while cautioning that soft spot demand could limit follow-through and keep prices sensitive to energy costs and real yields. Earlier this month, Hashrate Index analysts said Iran’s oil spike may hurt Bitcoin miners through BTC price more than through power costs.

Some market watchers challenged the idea that Bitcoin serves as a hedge in periods of stress. “When push comes to shove, [bitcoin is] ultimately still a risk-on asset, not a geopolitical hedge,” observed Nic Puckrin, co-founder of Coin Bureau, who warned that further downside is possible if conflict persists and financial conditions tighten.

The latest upswing comes after a stretch in which rising bond yields and a stronger dollar weighed on digital assets. Investors continued to monitor developments in the Middle East, weighing prospects for de-escalation against the risk of fresh shocks to energy markets and inflation.