Bitcoin climbs back into the green as Trump signals an end to the Iran war

The risk-off mood that hammered crypto all week is reversing. Bitcoin is back in the green, and the trigger was a sudden de-escalation in the Iran war.

Bitcoin traded at $63,550 on Friday, up 1.6% on the day and 1.4% over the week, per CoinDesk data. Days earlier it had fallen to levels last seen in 2024 - below $60,000 - but has recovered and climbed back to a weekly gain.

A key catalyst came as President Donald Trump said the US was close to a deal with Iran and that he had "ended the war with Iran today." Markets read it as the end of a conflict that has whipsawed prices for more than 100 days. Brent crude dropped 2% to about $88.50 a barrel, while gold and silver prices surged.

The move extended to stocks. South Korea's Kospi, a gauge for AI stocks, rose 8.4%. MSCI's Asia Pacific index gained 3.5%, its biggest rise in two months. US stock futures pointed higher and European shares were set to open up 1.8%.

A calmer Middle East takes pressure off oil, which eases the inflation that has fed bets on higher interest rates - the same rate fear that helped drag crypto and gold down this week.

The bounce was broad. Ether rose 1.3% to $1,673, BNB gained 1.5% to $602 and solana added 3.0% to $67. XRP and dogecoin each rose more than 2%. Hyperliquid's HYPE led the majors, up 7.6% on the day, though it remains the weakest over the week. TRON was the only decliner, down 2.0%.

Attention now turns to SpaceX. The company lists on Nasdaq on Friday after raising $75 billion, the largest IPO ever. Pre-listing markets are pricing a debut pop of at least 35%.

Bitcoin is up 1.4% over the past seven days, a sharp turn from a week that opened with it touching bear-market lows. Whether the bounce holds now depends on the Iran deal getting signed, which Trump said could happen this weekend in Europe.