Bitcoin price surges to nearly $72,000 amid global rally after ‘Trump canceled Obliteration Day’

Bitcoin jumped 5% to nearly $72,000 after a two-week ceasefire deal between the US and Iran triggered a powerful rally across global asset markets.

The ceasefire — announced on Tuesday after President Donald Trump agreed to suspend planned attacks on Iranian infrastructure — shifted investors’ mood instantly.

Markets climbed sharply across Asia and the US. South Korea’s Kospi jumped more than 5%. Japan’s Nikkei rose 4% while Australia and Hong Kong also posted strong gains. US futures followed, with the Dow Jones Industrial Average up nearly 1,000 points and the Nasdaq 100 rising more than 2%.

The relief rally for Bitcoin comes after traders were on edge before Trump’s 8:00pm ET Tuesday ultimatum to Iran, in which he threatened "a whole civilisation will die tonight" unless Tehran agreed to unblock the Strait of Hormuz.

Analysts told DL News on Tuesday that crypto is the only market fully pricing geopolitical affairs moving at breakneck speed in real time due to its 24/7 liquid nature.

For Bitcoin, the rally highlights its evolving role in global markets. Once seen as separate from traditional finance, it now behaves like a high-volatility tech stock during geopolitical swings. When fear spikes, it often falls. When optimism returns, it accelerates.

Fed outlook?

The ceasefire deal — brokered by Pakistan — includes a temporary halt in attacks and a potential reopening of the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi signalled that safe passage through the vital oil corridor was possible during the two-week window.

The Strait of Hormuz carries roughly one-fifth of the world’s oil supply. When it is threatened, inflation fears surge.

US government bonds jumped on Wednesday after oil plunged below $100 per barrel on the news, easing inflation fears and raising hopes of rate cuts, Reuters reported.

Bond markets reacted quickly. The 10-year yield fell about 10 basis points to 4.24%, while the two-year yield, which tracks rate expectations, dropped to 3.72%.

The bond pricing suggests that traders now see a much higher chance the Federal Reserve could cut rates by the end of the year.

“Two hours before his latest deadline, President Donald Trump cancelled Obliteration Day,” said economist Ed Yardeni.

Crypto market movers

• Bitcoin is up 4.8% over the past 24 hours, trading at $71,797.
• Ethereum is up 7% over the past 24 hours at $2,248.

What we’re reading 

• Will the Clarity Act pass? New law is ‘inevitable,’ industry insiders say — DL News
• How these key crypto regulatory dates in Q2 will affect the industry — DL News
• SEC Sends Crypto Safe Harbor Proposal to White House Review, Signaling Imminent Publication — Unchained
• “A whole civilization will die tonight” — Milk Road
• XRP winning institutional interest amid Clarity Act momentum, insiders say. So why's the price down? — DL News

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at [email protected]