Bitcoin recorded a sharp upward movement after Donald Trump announced a five-day postponement of planned strikes on Iranian energy infrastructure.
Checks by Nairametrics showed that the price of the leading cryptocurrency surged from $67,866 to $71,497 shortly after the announcement, before easing to around $70,500 at the time of filing this report.
The development comes amid heightened volatility linked to the ongoing Iran conflict. Bitcoin had earlier hovered near a two-week low, dropping to $67,371 — its weakest level since March 9 — during Asian trading.
Since tensions escalated in late February, the asset has seen sharp swings, climbing to nearly $76,000 at one point before retreating again as geopolitical uncertainty intensified.
What Trump is saying
Trump said the United States and Iran have made significant progress in diplomatic engagements aimed at ending hostilities, prompting a temporary halt to planned military actions.
- “I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” he said.
He added that the tone of discussions had been constructive, leading to a decision to delay military escalation while negotiations continue.
- “Based on the tenor and tone of these in-depth, detailed, and constructive conversations… I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period,” Trump stated.
More details
The announcement triggered a broader rebound across global financial markets, reversing earlier losses driven by geopolitical tensions.
- Brent crude oil prices dropped sharply by about 13% to trade near $96 per barrel, reflecting easing supply concerns. Similarly, the FTSE 100 index recovered to post a 0.5% gain after previously falling more than 2%.
- Gas prices also declined significantly, falling from 159p per therm to about 139p, while yields on 10-year UK government bonds dropped from an earlier high of 5.121% to 4.89%, indicating renewed investor confidence.
The rebound extended to cryptocurrencies beyond Bitcoin, with major altcoins posting gains alongside improving sentiment in global equities and bond markets.
What you should know
Cryptocurrency is increasingly becoming a major financial tool and income source for millions of Nigerians, particularly in the face of economic uncertainty and currency volatility.
- Data shows that about 26.34 million Nigerians — more than one in eight adults — actively use or hold digital assets, giving the country one of the highest crypto adoption rates globally.
- Of this number, approximately 67.2% — representing about 17.7 million people — primarily use cryptocurrencies for investment and long-term wealth building.
- Another 18.4% (around 4.8 million people) rely on crypto for everyday financial needs such as remittances, payments, and protection against inflation.
- Meanwhile, about 14.4% (3.8 million Nigerians) are active traders who participate in the market to earn income and provide liquidity.
With global events such as geopolitical conflicts continuing to influence price movements, many Nigerian users are increasingly exposed to both the opportunities and risks associated with cryptocurrency trading.
