Bitcoin rebounded to above $68,000 as growing expectations of a potential end to tensions between the United States and Iran boosted investor sentiment toward risk assets.
As of 10 a.m. on April 1, the price of Bitcoin on Bithumb rose 1.62% from a day earlier to $68,837.
At the same time, Bitcoin traded at $68,241 on CoinMarketCap, up 1.56% from the previous day. The cryptocurrency had fallen to $66,053 a day earlier before recovering to the $68,000 level.
Market sentiment improved amid expectations that hostilities between the United States and Iran could ease.
According to foreign media reports on March 31, U.S. President Donald Trump said at the White House that “we just have to leave Iran,” adding, “we will be leaving very soon,” in response to questions about rising oil prices.
Trump added, “We will finish the job,” saying it could take “within two weeks, or possibly a few days longer.”
In an interview with the New York Post, he also said the United States would not remain in Iran for long and that the Strait of Hormuz would “automatically open” once U.S. forces withdraw.
Iranian President Masoud Pezeshkian said his country has “never sought tension or war” and is willing to end the conflict if there are guarantees against further attacks.
Meanwhile, spot Bitcoin exchange-traded funds (ETFs) recorded net inflows. On March 30, a total of $69 million flowed into global spot Bitcoin ETFs.
CoinShares to List on Nasdaq With $1.2 Billion Valuation
Crypto asset manager CoinShares is set to list on the Nasdaq in the United States with a valuation of $1.2 billion.
According to foreign media reports on March 31, the company will go public following a merger with a special purpose acquisition company. Trading under the ticker “CSHR” will begin April 1.
CoinShares provides services to institutional and retail investors, primarily focused on crypto-related ETFs. The firm currently manages about $6 billion in assets and recently secured a valuation of $1.2 billion through multiple investments.
Moody’s Assigns First Credit Rating to Bitcoin-Backed Bonds
Moody’s has issued its first credit rating for bonds backed by Bitcoin.
According to Bloomberg on March 31, the New Hampshire Business Finance Authority in the United States plans to issue $100 million in Bitcoin-backed municipal bonds. Moody’s assigned the bonds a “Ba2” rating, two notches below investment grade.
This marks the first time Moody’s has rated a crypto-backed bond. The structure allows repayment of principal and interest based on returns generated from the underlying Bitcoin collateral.
To manage volatility, the bonds include a price-linked liquidation clause that forces the sale of collateral if prices fall below a certain level.
Standard Chartered Sees Stablecoin Market Reaching $2 Trillion by 2028
Standard Chartered projected that the global stablecoin market could grow to approximately $2 trillion by 2028.
In a recent report cited by foreign media on March 31, the bank said the market could expand roughly fivefold from current levels, driven by rapid growth in transaction volume and usage.
The report noted that stablecoin velocity has more than doubled over the past two years, with rising demand for artificial intelligence-based payment systems contributing to their adoption as a complement or alternative to traditional financial infrastructure.
Standard Chartered said stablecoins are becoming established as a payment infrastructure and are expected to play a key role in the future digital payments ecosystem.
