Bitcoin price breaks above $72,000 as Asian stocks rebound and war fears ease

Bitcoin climbed above $72,000 in Asian trading on March 5 as easing war fears, a rebound in equities, and steady demand for U.S. spot Bitcoin exchange-traded funds lifted digital assets. Ether rose 7.5%, Solana advanced 5.3%, and XRP added 4.2%.

The largest cryptocurrency traded near $72,180 in the afternoon in Asia, up 5.9% over the past 24 hours and 5.4% for the week. It was the highest level since before the Feb. 5 sell-off and the first clear break above $70,000 after three failed attempts in the past month. About $700 million has flowed into U.S. spot Bitcoin ETFs since the start of March, adding to buying interest.

Gains were broad across major tokens. Ether changed hands around $2,114, reclaiming $2,000 for the first time since late February. Dogecoin increased 6.6% to about $0.096. Solana traded near $89.91, up 4%. XRP was around $1.41, up 3%, while BNB rose 2% to roughly $650. WhiteBIT Coin gained nearly 5%. Tron lagged, up about 1%.

Improving risk appetite followed firmer stock markets. Asian shares rallied for the first time since fighting in Iran began, with South Korea’s benchmark index rebounding 11% after a record single-day drop the previous session. U.S. stocks had advanced in the prior session as economic data eased inflation concerns. U.S. and European equity futures edged lower Thursday morning. Oil prices pulled back from this week’s highs as shipping in the Strait of Hormuz showed signs of stabilizing with U.S. tanker escorts underway.

Geopolitical risks remained in focus. Tehran continued to target Israel and Gulf states, while U.S. and Israeli forces struck Iranian assets, including the sinking of an Iranian warship in international waters, according to officials. Defense Secretary Pete Hegseth put the potential timeline for operations at “six, could be eight, could be three” weeks. President Donald Trump described the situation as “we’re doing very well on the war front” and said the U.S. has “great support.”

ETF demand provided a clear tailwind. Net inflows to spot Bitcoin funds can lead to direct purchases of Bitcoin when new shares are created to meet investor demand. The steady intake since early March added to a trend that has supported prices since the funds launched.

Technically, the $70,000 area had capped Bitcoin for much of the past month after the early-February breakdown. The current push through that level followed firmer crypto liquidity conditions as equities and commodities steadied. Ether’s move back above $2,000 trimmed underperformance versus Bitcoin seen late last month.

Traders tracked cross-asset signals for signs of stress. The pullback in oil from this week’s highs, firmer Asian equities and steadier credit conditions pointed to reduced near-term strain. With U.S. and European futures softer into Thursday’s session and the conflict unresolved, desks kept hedges in place even as spot crypto prices advanced.

Activity centered on large-cap tokens, though selected exchange and platform coins participated in the rebound. The distribution of gains – strongest in Bitcoin and Ether, solid in Solana and XRP, and more muted in Tron – indicated improving risk appetite across the market.