Bitcoin and crypto joined US stocks in brushing off US-Iran war escalation and the threat of fresh trade tariffs before the end of the month.
Bitcoin (BTC) built on gains at Tuesday’s Wall Street open as crypto echoed resilient US stock markets.
Data from TradingView showed BTC/USD approaching $67,000, closing in on seven-week highs.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Upward momentum that began the day showed little signs of stopping despite macro conditions that seem to favor a risk-off mindset.
The US-Iran war saw further escalation on the day as Iran struck Amazon facilities in Bahrain in response to US strikes, while the Strait of Hormuz oil route remained closed.
As a result, WTI crude oil prices reached their highest levels in over a month, nearing $85 per barrel.
CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView
Multiple media reported US president Donald Trump plans to introduce new 10% international trade tariffs. These would follow 50% measures imposed on Canada this week.
Despite these notional headwinds for crypto and risk assets, traders attributed the lack of bearish reactions to expectations that the situation would ultimately resolve in markets’ favor.
“Markets are pricing in peace,” YouTube channel host Crypto Rover summarized in a post on X to their 1.6 million followers.
Caleb Franzen, creator of Bitcoin and macro analysis resource Cubic Analytics, was confident about the near-term trend in the S&P 500 index.
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