The global crypto market cap reclaimed the $2.5 trillion level. According to CoinGecko, it rose 1.4% to $2.52 trillion on Friday, April 10.
Bitcoin touched $73,000 before paring gains, trading near $72,000 at press time. Ethereum climbed above $2,200, and other top-10 coins traded in the green.
Iran Bitcoin Payment News Triggered Short Squeeze
The rally started late U.S. hours after reports that Iran might accept Bitcoin for oil shipments through the Strait of Hormuz. Short sellers were caught off guard. CoinGlass data shows over $250 million in short positions were liquidated in 24 hours, compared to $95 million in longs.
ETF Inflows Return
Spot Bitcoin ETFs attracted $343 million in net inflows on Thursday, while Ethereum ETFs saw $85 million, reversing two days of net outflows, per SoSoValue.
Crypto gains mirrored Asian tech stocks: Japan’s Nikkei 225 rose 1.8%, and Hong Kong’s Hang Seng and Shanghai Composite posted notable gains. Gold and silver gave up 1% each as capital rotated into crypto.
Ceasefire Uncertainty and Sticky Inflation Loom
Two risks could derail the recovery. First, the Iran-U.S. ceasefire remains fragile—Iran has not fully complied, maintaining a military presence near the Strait of Hormuz. President Trump threatened retaliation. Geopolitical shocks could spark renewed volatility.
Second, U.S. core PCE rose 0.4% on Thursday, pointing to persistent inflation. The Fed may stay hawkish and delay rate cuts, keeping borrowing costs high, which historically weighs on risk assets.