Bitcoin regains $70,000 as oil prices plunge… “Middle East war remarks fuel market volatility”

After comments by U.S. President Donald Trump regarding a war with Iran, global oil prices plunged while the cryptoasset (cryptocurrency) market rebounded.

According to Cointelegraph on the 10th (local time), Bitcoin (BTC) regained roughly $70,000, rising about 3% over the past 24 hours. Ethereum (ETH) also climbed back above $2,000, with major cryptoassets rising in tandem.

The move came after President Trump’s war-related remarks. In a phone interview with CBS News, Trump said, “The war with Iran is effectively over,” adding, “Militarily, Iran has nothing left.”

Following the remarks, global oil prices fell sharply. Crude prices dropped from $118 a barrel to around $85, down about 28%.

However, Trump later took a hard line again on social media. He warned that “if Iran acts to block the flow of oil through the Strait of Hormuz, it will face attacks 20 times stronger than before.”

He also said he would “strike targets so that Iran cannot be rebuilt as a nation,” adding that “death and fire and fury will come upon them.”

Markets see these conflicting messages as amplifying investor uncertainty. Augustine Fan, head of SignalPlus Insights, said, “It’s hard to conclude the war is over based on remarks alone,” adding that “for the time being, the cryptoasset market is more likely to move with macro factors and risk-asset flows than with its own narrative.” He noted in particular that “macro factors are gaining influence, with oil prices recently swinging by more than $30 in a single day.”

Andri Fauzan Adziima, head of research at Bitrue, said, “If the war actually ends, a sharp relief rally could emerge in the cryptoasset market on the back of falling oil prices and easing geopolitical risk.”

Meanwhile, Bitcoin is trading at $70,169.51, up 4.5% from the previous day, according to CoinMarketCap.