Bitcoin pushed above $72,000 on Thursday, reaching its highest level since before the Feb. 5 crash and delivering its first decisive move through the $70,000 ceiling after three failed attempts over the past month. In Asian afternoon trading, Bitcoin changed hands at $72,180, up 5.9% over 24 hours and 5.4% on the week.
The advance spread across the market. Ether rose 7.5% to $2,114, reclaiming $2,000 for the first time since late February. Dogecoin also gained 7.5% to $0.095. Solana added 5.3% to $89.91, XRP climbed 4.2% to $1.41, and BNB increased 3% to $650. WhiteBIT Coin was up 5.6%. Tron was the main laggard, rising only 1.4%.
Risk sentiment turned after pressure from war fears eased
The move was tied to a shift in global risk appetite. Asian equities rallied for the first time since the Iran war began, with South Korea’s benchmark jumping 11% after its biggest one-day drop on record in the previous session. U.S. stocks had already helped set the tone after economic data softened inflation worries.
That recovery still looked fragile. U.S. and European futures edged lower on Thursday morning, suggesting traders were willing to re-enter risk assets, but not with full conviction. Crypto reacted quickly, with capital rotating back into large-cap tokens as the immediate defensive bid faded.
Conflict continues, but markets are shifting into pricing mode
The war itself remains unresolved. Tehran is still targeting Israel and Gulf states, while U.S. and Israeli forces continued striking Iran, including the sinking of an Iranian warship in international waters. Defense Secretary Pete Hegseth said operations could last “six, could be eight, could be three” weeks. Trump said “we’re doing very well on the war front” and that the U.S. has “great support.”
Even so, markets appear to be moving beyond the initial shock. The situation around the Strait of Hormuz looked more stable with U.S. tanker escorts underway, and oil gave back part of its spike from earlier in the week. As each day passes without a much wider regional escalation, traders are assigning less weight to the most severe scenario, and that has opened room for a rebound across crypto and other risk assets.