Bitcoin soared above $72,000 on Thursday, consolidating near a three-week high as crypto markets digested the fragile ceasefire between the United States and Iran.
$BTC It was trading at $72,285, up 1.5% in the past 24 hours and 8% this week, according to CoinGecko. Ethereum rose 0.6% to $2,210 and is up 7.2% in the past seven days. XRP rose 0.6% to $1.36, BNB rose 0.2% to $607.25, and Solana rose 2% to $84, for a weekly gain of 6.6%.
This gain followed a sharp short squeeze based on the ceasefire. $BTC This was the highest level since mid-March.
President Donald Trump said on Thursday’s Truth Social that all U.S. military assets will remain around Iran until the ceasefire is “fully observed,” warning that failure could lead to a return to conflict. Meanwhile, Iran has proposed continuing traffic restrictions in the Strait of Hormuz and charging a $1 per barrel fee for oil passage, drawing criticism from the EU and the US.
According to CoinGecko, the market capitalization of cryptocurrencies is approximately $2.53 trillion, up from $2.43 trillion at the beginning of the week.
Morgan Stanley’s MSBT debut
MSBT, Morgan Stanley’s Spot Bitcoin ETF, began trading on the NYSE Arca on Wednesday as expected. The fund had net inflows of $30.6 million on its first day.
The fund’s expense ratio of 0.14% is among the lowest in the U.S. spot Bitcoin ETF market, lower than BlackRock’s IBIT’s 0.25% and Grayscale’s Bitcoin Mini Trust’s 0.15%. bloomberg
Despite strong debut for MSBT, US spot continues to expand $BTC The ETF complex recorded net outflows of $124 million on Wednesday, excluding MSBT, according to SoSoValue. The total assets under management of all U.S. Bitcoin spot ETFs are $91.9 billion, equivalent to approximately 6.43% of Bitcoin market capitalization.
This outflow followed a single-day inflow of $471 million on April 6, when the Spot Bitcoin ETF recorded its largest single-day inflow since February despite ongoing geopolitical tensions.
$ZEC altcoin lead
Zcash had an outstanding performance this week. $ZEC It rose another 15% to $371 on Thursday, leading the broader market. The token has rallied over 65% in the past 30 days, driven by a pending decision, risk-on rotation, in Grayscale Spot $ZEC Launch of ETF and Foundry mining pools for institutional investors.
On the downside, World Liberty Financial’s $WLFI The token fell about 10% to an all-time low of $0.0885. On-chain data displayed $WLFI It deposited 5 billion of its own tokens as collateral for borrowing stablecoins.
Looking to the future
The two-week ceasefire is set to expire around April 21, and peace talks are scheduled to begin in Islamabad on Friday. Whether the rally is extended depends on whether the ceasefire agreement lasts.
Fed minutes released Wednesday showed officials believe inflation could slowly decline toward 2% while oil risks add pressure. The hawkish tone is a further headwind for risk assets already grappling with geopolitical uncertainty, although policymakers have signaled there is room to raise or lower rates depending on the situation.
