Bitcoin Surges above $70,000 on US-Iran Tensions Relief

The price of Bitcoin surged above $70,000 in a matter of minutes on Monday morning, with market analysts attributing the move to a perceived de-escalation of tensions between the US and Iran.

Former US President Donald Trump posted on social media that the two countries had held 'very good and productive conversations' on a resolution to hostilities in the Middle East, which led to a rapid swing of over $3 trillion in market value.

The move was driven by a reversal of earlier losses in oil prices, with Brent crude dropping more than 10% after Trump's post. Bond yields also dropped, falling by over 20 basis points as investors reassessed the risk of inflation and financial conditions.

Bitcoin's price movement was particularly swift, with the cryptocurrency reclaiming $70,000 within five minutes of Trump's post.