Summary
- Bitcoin (BTC) reclaimed the $80,000 level for the first time in about three months, rising 2.76%% from a day earlier.
- Major altcoins including Ether (ETH) and XRP also advanced, gaining 3.51%% and 2.07%%, respectively.
- The market's appetite for risk assets recovered on expectations of easing geopolitical risks in the Middle East and signs of progress in US-Iran talks.
Forecast Trend Report by Period
Bitcoin extended its weekend rally and climbed back above $80,000.
As of 11:42 a.m. May 4 in South Korea, Bitcoin was trading at $80,217.16 on Binance's USDT market, up 2.76% from a day earlier. It moved back above $80,000 for the first time since Feb. 1, roughly three months ago. On Upbit's won market, Bitcoin was trading at 118.586 million won, up 1.72%.
Major altcoins also advanced. Ether rose 3.51% to $2,381.24 on Binance's USDT market, while XRP gained 2.07% to $1.4111.
Traders pointed to easing geopolitical risks in the Middle East as a driver of the recent gains. President Donald Trump wrote on Truth Social that the US would support the safe passage of neutral-country vessels stranded in the Strait of Hormuz. The operation, called Project Freedom, is scheduled to begin on May 4.
Trump also said negotiations between the US and Iran were progressing positively. Reports that Iran has begun reviewing the US proposal also helped revive appetite for risk assets.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
