Bitcoin Price Rises as Tensions Ease

Bitcoin has jumped 3% to $71,600 in the past 24 hours, as a two-week ceasefire between the U.S. and Iran removed some of the geopolitical uncertainty and sent oil prices tumbling. The CoinDesk 20 Index has outperformed bitcoin, rising 4.2 percent, which is typical when altcoins outpace the market leader. The move is supported by a drop in bitcoin and ether 30-day implied volatility, which measures market fear. Since the debut of spot ETFs two years ago, these numbers have evolved into VIX-like metrics, spiking during sell-offs and calming as panic fades. A potential catalyst for further gains could be the debut of Morgan Stanley’s bitcoin ETF, which may reinforce the story of institutional adoption. The ETF's performance will be closely watched, particularly if it attracts strong volumes and inflows on its first day of trading, scheduled for later this month.