The price of the world’s largest cryptocurrency, Bitcoin, saw sharp moves in Wednesday’s session after remaining under pressure lately due to escalating tensions in the Middle East.
Bitcoin opened the session higher at $68,336 compared to the previous close of $68,336 and maintained momentum to cross the $70,000 mark, reaching a one-month high of $73,546, as investors stepped up buying amid volatile market conditions.
How much did other crypto assets gain today?
The world’s second-largest cryptocurrency, Ethereum (Ether), posted similar gains, rising nearly 6.3% to $2,092 during the session.
Solana also advanced sharply, trading at $91.45, up close to 7.6%, reflecting broad-based strength across digital assets.
What is aiding the rally?
Strong inflows into US-listed spot Bitcoin ETF products on Tuesday, as well as the possibility of talks to end the Middle East conflict, have supported sentiment.
The world’s largest cryptocurrency had weathered a rocky few days after US and Israeli forces attacked Iran on Saturday, at one point dropping as low as $63,038 that day.
Since then, investors have largely rallied around digital assets, with spot Bitcoin exchange-traded funds in the US raking in more than $680 million in inflows on Monday and Tuesday, according to data compiled by Bloomberg.
Crypto advocates have often compared the cryptocurrency to gold, viewing it as a digital version of the safe-haven asset that investors might turn to in turbulent times. That narrative failed to hold in recent months, as Bitcoin fell while gold rallied.
Still, crypto’s volatility and the ongoing military action mean that any rebound in digital assets could be short-lived. The expanding war moved into its fifth day on Wednesday, with Israel and Iran continuing to exchange airstrikes and missile fire.
Bitcoin is still 43% off its record high
Although Bitcoin staged a strong comeback, it is still trading 43% below the all-time high of $126,198.07 recorded on October 7, 2025. The original cryptocurrency has gained 7.8% in the past week, helping to restrict year-to-date losses to a little more than 18%. It closed CY25 with a drop of 6.30% after delivering a massive 122% gain in 2024, followed by 156% in 2023.
Bitcoin continues to hold the 13th position in the global ranking of all assets by market capitalization, according to data published by companiesmarketcap.com.
Ethereum is also trading 58% below its all-time high of $4,953.73, recorded on August 25, 2025.
(With inputs from Bloomberg)
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
