[Bitcoin Now] Recovers $70,000 on Hopes for Easing Iran Conflict

Bitcoin has recovered to the $70,000 level. This improvement in investor sentiment is attributed to President Donald Trump referring to the conflict with Iran as a "short-term military action."

Yonhap News Agency

According to CoinMarketCap, a global virtual asset market tracker, as of 3:31 p.m. on March 10, Bitcoin was trading at $70,140.93, up 3.90% from 24 hours earlier. Ethereum, an altcoin (a virtual asset other than Bitcoin), rose 2.48% to $2,048.15. Other cryptocurrencies such as BNB and Ripple (XRP) also increased by more than 2%.

Bitcoin had recorded around $67,000 on February 28, when the U.S. and Israel first began their airstrikes on Iran, but climbed as high as $72,000 on March 4. However, due to concerns about rising oil prices and a prolonged war, it slipped back to $65,000 on March 8.

The rebound is interpreted as a reflection of optimism that the war between the U.S. and Iran could end soon. On March 9 (local time), President Donald Trump addressed concerns about a prolonged conflict during a speech and press conference at the Trump National Doral Resort in Miami, Florida, saying, "We just stopped by the Middle East briefly to eliminate evil. As you will learn, this will be a short-term visit."

However, some forecasts suggest that the war may not end quickly, contrary to President Trump's remarks. This is because the Islamic Revolutionary Guard Corps (IRGC) of Iran immediately rejected Trump's comments and maintained a hardline stance. According to the Times of Israel and other sources, the IRGC stated in a spokesperson's statement, "It is we, not the United States, who will decide the end of the war," and emphasized, "If the attacks by the United States and Israel continue, not a single liter of oil will be exported from this region."

Richard Galvin, co-founder of hedge fund DACM, told Bloomberg, "President Trump's recent posts are being interpreted as a sign that the conflict with Iran may end sooner than the market anticipated." He added, "The risks are that the market may be misinterpreting Trump's statements, or that additional military actions by the United States, Israel, or Iran could effectively eliminate any possibility of de-escalation."

This content was produced with the assistance of AI translation services.