Bitcoin Breaks 10-Week High..."Money Pours in as War Stops"

▲ Bitcoin (BTC), rising / ChatGPT generated image

As expectations of eased tensions in the Middle East spread, the price of Bitcoin (BTC) rose to its highest level in 10 weeks.

According to a report by the cryptocurrency media outlet CryptoPotato on April 17 (local time), Bitcoin fell to $70,500 by the end of last weekend after initial peace talks between the United States and Iran fell apart. The trend reversed with positive diplomatic signals emerging early in the week. Bitcoin quickly rebounded to around $75,000 within 36 hours.

Late on Tuesday, the price surpassed $76,000. Although it fell below $73,600 due to short-term profit-taking, the downward trend did not last long. Buying pressure re-entered the market after US President Donald Trump announced a ceasefire between Israel and Lebanon. Bitcoin rebounded to around $75,600 within hours.

Trump further announced the reopening of Iran's Strait of Hormuz via Truth Social. As signals of geopolitical tension easing continued, Bitcoin approached $77,000, reaching a 10-week high. Its market capitalization also exceeded $1.54 trillion, and Bitcoin's share of the total virtual asset market expanded to over 57%.

Major altcoins also joined the upward trend. Ethereum (ETH) rose 6% over the week, and XRP gained 8%. Dogecoin (DOGE) also recorded a 6.5% increase. Rave (RAVE) from RaveDAO surged 1,500% since last Friday.

Conversely, some assets showed weakness. Zcash (ZEC) fell over 12% during the week. Bittensor (TAO), RAIN, and CC also showed a downward trend. Even in a rising market, the disparity in returns among individual assets continued to widen.

A news flow related to easing tensions in the Middle East has created an environment that dictates short-term capital movements. The structure where risk asset preference rapidly changes according to geopolitical variables is strengthening, and overall market volatility continues to expand.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*