BTC clung to a three-week high as the Iran truce lifted risk assets, but doubts about the deal’s durability capped upside.
Bitcoin held above $72,000 on Thursday, consolidating near its highest levels in three weeks as crypto markets digested a fragile ceasefire between the United States and Iran.
BTC was changing hands at $72,285, up 1.5% over the past 24 hours and 8% on the week, according to CoinGecko. Ethereum rose 0.6% to $2,210, also up 7.2% over the past seven days. XRP gained 0.6% to $1.36, BNB edged up 0.2% to $607.25, and Solana climbed 2% to $84, bringing its weekly gains to 6.6%.
BTC ChartThe gains followed a sharp ceasefire-driven short squeeze that sent BTC to its highest level since mid-March.
President Donald Trump said on Truth Social Thursday that all U.S. military assets would remain in place around Iran until the ceasefire is “fully complied with,” warning that failure could lead to renewed conflict. Meanwhile, Iran continued to restrict traffic in the Strait of Hormuz and proposed a $1-per-barrel fee on transiting oil, drawing criticism from the EU and the United States.
Total crypto market capitalization stood at approximately $2.53 trillion, per CoinGecko, up from $2.43 trillion at the start of the week.
Morgan Stanley’s MSBT Debuts
Morgan Stanley’s spot Bitcoin ETF, MSBT, kicked off trading as expected on Wednesday on NYSE Arca. The fund saw $30.6 million in net inflows on its first day.
The fund carries a 0.14% expense ratio, the lowest in the U.S. spot Bitcoin ETF market, undercutting BlackRock’s IBIT at 0.25% and Grayscale’s Bitcoin Mini Trust at 0.15%. Bloomberg
Despite MSBT’s strong debut, the broader U.S. spot BTC ETF complex saw $124 million in net outflows on Wednesday, excluding MSBT, per SoSoValue. Total AUM across U.S. spot Bitcoin ETFs stood at $91.9 billion, or about 6.43% of Bitcoin’s overall market cap.
The outflows followed a $471 million single-day inflow on April 6, when spot Bitcoin ETFs recorded their strongest daily inflows since February, despite ongoing geopolitical tensions
ZEC Leads Altcoins
Zcash was the standout performer this week. ZEC surged another 15% to $371 on Thursday, leading the broader market. The token has gained over 65% in the past 30 days, fueled by a risk-on rotation, a pending decision on the Grayscale spot ZEC ETF, and Foundry’s institutional mining pool launch.
ZEC ChartOn the downside, World Liberty Financial’s WLFI token fell roughly 10% to an all-time low of $0.0885. On-chain data showed WLFI deposited 5 billion of its own tokens as collateral to borrow stablecoins.
Looking Ahead
The two-week ceasefire window is set to expire around April 21, with peace negotiations expected to begin Friday in Islamabad. Whether the rally extends depends on the truce’s durability.
Fed minutes released Wednesday showed officials believe inflation may fall slowly toward 2%, while oil risks add pressure. Policymakers signaled room for either hikes or cuts depending on conditions, a hawkish undertone that adds another headwind for risk assets already contending with geopolitical uncertainty.
Source: https://thedefiant.io/news/markets/bitcoin-holds-above-usd72-000-as-ceasefire-rally-stalls
