Crypto Markets Hold Firm as U.S.-Iran Tensions Escalate

Crypto markets recovered from a mid-week pause on Thursday, with bitcoin rising 1.2% since midnight UTC to about $63,000 and ether gaining 0.75% to $1,755, according to CoinDesk. The rebound came despite renewed Middle East tensions after U.S. Central Command said it struck 90 Iranian military targets following President Donald Trump's statement that a ceasefire was over.

The market reaction matters because crypto did not move in isolation. Nasdaq 100 futures climbed 2.6% over the prior 24 hours, suggesting risk assets broadly absorbed the geopolitical escalation without a deeper sell-off. CoinDesk noted that markets initially weakened, but crypto later rallied from oversold conditions.

Bitcoin is now 9% above its June monthly close, extending a stronger start to July. Some altcoins also outperformed, with Lighter and ether.fi each up roughly 35% over the same period. On Thursday, LIT gained 5.6% and ETHFI rose 8.5%, while Ethena's ENA also advanced 5.6% from Wednesday's low.

Still, derivatives positioning showed restraint rather than a broad return of risk-taking. Crypto futures volume fell nearly 20% to $191 billion over 24 hours, while open interest stayed near $106 billion. Bitcoin's move toward $63,000 was accompanied by a drop in major dollar and USDT-denominated futures open interest, a sign that traders were not rushing into leveraged exposure during a volatile macro backdrop.

The altcoin picture remained selective. CoinMarketCap's Altcoin Season indicator rose one point to 47 out of 100, but CoinDesk described it as range-bound as investors wait for larger crypto assets to show a more decisive recovery. That leaves the market resilient, but not broadly euphoric, as geopolitical risk and cautious positioning continue to shape trading.