Bitcoin gained as much as 3.1% on Tuesday, reaching $71,088. With this move, the largest cryptocurrency crossed the $71,000 mark for the first time in four days. A press conference by US President Donald Trump in Doral, Florida, served as the catalyst. He indicated a swift end to the Iran war.
This recovery follows a decline the previous day, when Bitcoin fell to a seven-day low. In early New York trading, the price corrected slightly to around $70,878. Altcoins moved higher in parallel: Ether rose 2.2%, XRP gained 2.8%, and Solana added 1.9%. Since the beginning of the month, Bitcoin has gained roughly 7%. Gold, by contrast, lost 2% over the same period.
Trump's press conference moves markets worldwide
Trump declared on March 9 that the conflict would resolve "very soon." According to him, the US military was "well ahead" of the originally planned four-to-five-week timeline. He cited 5,000 targets struck, a reduction of Iranian missile capacity to 10%, and an 83% decline in drone launches.
Markets responded broadly. Europe's Stoxx 600 posted its largest single-day gain since April. US equity futures also rose. Brent crude, the central stress factor since the war began, dropped more than 7% to around $91 per barrel. Just on Monday, the oil price had reached a peak of $119.50.
Since the start of the war, the Strait of Hormuz had effectively shut down. Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq had to throttle oil production. Trump now signaled that he could lift oil-related sanctions. At the same time, he announced the US Navy would escort tanker ships through the strait. The G7 nations, for their part, signaled willingness to release strategic oil reserves.
Oil price as a key variable for the crypto market
The link between oil prices and the crypto market has been particularly direct in this conflict. If Brent stays above $80 for an extended period, the re-inflation narrative solidifies. A Federal Reserve rate cut then moves further out of reach. Most recently, the probability of such a cut in March stood at just 2.4%. For riskier assets like Bitcoin, this creates headwinds.
Crypto-adjacent stocks reacted positively to the de-escalation signals. Circle (CRCL) gained 10%, MicroStrategy (MSTR) 5%, and Coinbase (COIN) 2%. The options market, though, shows caution. Bitcoin's 30-day implied volatility reached a two-week high. Put options on Deribit cluster at the $60,000 level, a sign of downside hedging demand.
Bitcoin shows resilience since the start of the war
The US and Israel began airstrikes on Iran on February 28. Bitcoin initially fell but then stabilized above the $68,000 mark. Since February 28, the cryptocurrency has gained roughly 7% in total. Gold lost 2% over the same period. In this conflict, Bitcoin clearly outperformed the traditional safe-haven asset.
One decisive factor was the 24/7 trading system of crypto exchanges. Airstrikes began while traditional markets remained closed. Crypto platforms therefore absorbed the initial price shock before equity and commodity traders could react on Monday morning. Bitcoin increasingly functions as a US risk asset, supported by spot ETFs and broader institutional access.
Volatility remains high nonetheless. On March 7, Trump threatened the "complete destruction" of Iran, prompting a crypto market selloff. Two days later, he signaled the opposite. Traders now find themselves caught between hopes of de-escalation and fears of further escalation.
Long-term perspective: liquidity and debt
Beyond daily price movements, analysts point to a structural factor. US federal debt has grown at an annualized rate of roughly 14% since mid-2025. In previous US military conflicts, elevated government spending led to money supply growth, which supported risk assets over the long term.
Bitcoin, though, trades more than 40% below its all-time high of over $126,000 from October 2025. Since that peak, price rallies have lacked sustained confirmation. On a technical basis, analysts see the $68,000 level as strong support. To the upside, a breakout above $73,000 would need to occur before targeting the next major resistance at $87,000.
