Crypto markets rose as oil prices retreated under $100 a barrel on growing expectations that the conflict could wind down within weeks.
Crypto markets started April in the green, snapping a bruising first quarter with a late-March relief rally that continued into Wednesday as hopes of geopolitical de-escalation lifted risk assets across the board.
Bitcoin (BTC) is trading at around $68,000 after reaching as high as $69,200 earlier in the day. ETH climbed 2% to $2,140, and SOL was flat at $84 in the wake of the Drift exploit. Meanwhile, Ripple (XRP) was unchanged at $1.35.
Total crypto market capitalization remained flat at $2.43 trillion, according to Coingecko.
President Donald Trump wrote on Truth Social early Wednesday that Iran “has just asked the United States of America for a CEASEFIRE,” though Tehran’s Foreign Ministry denied the claim.
Oil prices retreated under $100 per barrel. Crude oil surged more than 60% last month — the sharpest monthly rally since 1988 — after Iran effectively shut down shipping through the Strait of Hormuz.
Spot Bitcoin ETFs recorded $117 million in net inflows on Monday. March marked the first positive monthly inflow for Bitcoin ETFs since October, with $1.32 billion in net capital entering the funds, according to SoSoValue. That reversed four consecutive months of outflows stretching back to November 2025.
Big Movers
Most of the Top 100 digital assets posted gains over the last 24 hours.
Algorand (ALGO) and MemeCore (M) outperformed, rallying 12% and 5%, respectively.
Bitcoin Cash (BCH) and Canton (CC) are today’s biggest losers, down around 3%.
Around 117,000 leveraged traders were liquidated for $261 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $59 million, while ETH made up $57 million.