Bitcoin’s price has risen to slightly below $75,000 today, reaching a level we haven’t seen since March 17th.
This nearly 1-month high comes amid renewed hopes of potential de-escalation of the war between the US, Israel, and Iran, as Vice President JD Vance teases progress in the negotiations.
We made significant progress in talks with Iran. Ball is now in Tehran’s court. We expect they will move toward opening the Strait of Hormuz. – Said Vance.
As CryptoPotato reported earlier today, the news sparked a rally across the broader crypto industry, adding around $100 billion to its total market capitalization. Some altcoins, such as ETH, outperformed BTC.
It’s also worth noting that the latest move could also be explained by the fact that it followed a period of prolonged, persistent negative sentiment. Such times have historically led to sharp price jumps for the primary cryptocurrency, which usually leads the market in both directions.
In fact, Real Vision’s Jamie Coutts called the period a state of “excessive pessimism,” adding that bitcoin’s 7-day moving average funding rate had fallen to the third percentile of all readings made since 2020 – both signals that a rally was overdue.
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About the author
Georgi Georgiev is CryptoPotato’s editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi’s passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn’t looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.
