Asian stock markets posted their strongest gains of recent months, buoyed by renewed investor optimism after U.S. President Donald Trump announced he would address the nation regarding mounting tensions with Iran. The surge extended to S&P 500 futures, which also saw notable increases. In the same hours, oil prices dipped only marginally, as reports emerged that the United Arab Emirates was preparing to support the U.S. and its allies in reopening the Strait of Hormuz. Taken together, these developments appeared to ease global risk perceptions and instill a sense of cautious optimism within financial markets.
Muted response in cryptocurrencies
In contrast to the robust movement in equities, the cryptocurrency market saw only limited price reactions. Over the past 24 hours, Bitcoin edged up 0.2 percent to trade at $67,950, while Ethereum gained 1.6 percent to reach $2,100—marking one of its strongest showings in recent weeks. Other major tokens like XRP, Dogecoin, and BNB registered modest gains as well, although Solana slipped 0.7 percent today, pushing its weekly loss to 8.7 percent.
This relative price stability in the crypto market stands out against the recent volatility in major equity indices. Bitcoin has fluctuated between $65,000 and $73,000 during the ongoing conflict, while world stock markets have experienced sharper swings within shorter intervals. Market analysts have taken note of this divergence in behavior between cryptocurrencies and traditional equities.
Optimism across broader financial markets appears tied to hopes for a resolution in the Iran crisis. President Trump told journalists he believes the conflict could end within two to three weeks, underscoring that concluding a deal with Iran is not a necessary precondition for peace.
ETF approval and institutional moves shine spotlight on crypto sector
Among the headline developments in the crypto space, Morgan Stanley drew particular attention by launching a Bitcoin ETF in the U.S. with a management fee of only 14 basis points—lower than the category average. By leveraging its network of about 16,000 financial advisors and $6.2 trillion in assets under management, Morgan Stanley stands to give investors new access to crypto markets, especially those who previously lacked direct exposure.
Alex Blume, CEO of Two Prime, identified three key factors likely to influence Bitcoin prices in the second quarter: the launch of the Morgan Stanley Bitcoin ETF, the success of a strategy company’s STRC-preferred equity product in Bitcoin purchases, and the potential for a rapid resolution to the Iran conflict.
The gold market has also drawn renewed attention in recent days. Prices have risen for four consecutive sessions, approaching the $4,700 mark. However, after losing nearly 12 percent in March alone, gold recorded its worst monthly performance since October 2008. The weakness of gold during a prolonged period of geopolitical tension signals a departure from traditional market dynamics.
Pezeshkian conveyed to the President of the European Council that Tehran possesses the necessary resolve to end the conflict, while also stressing Iran’s expectation of assurances against similar attacks in the future.
Citing the Wall Street Journal, sources reported that the United Arab Emirates is preparing to actively support the U.S. and allied efforts to forcibly reopen the Strait of Hormuz. Such a move could herald a new phase in the region’s delicate balance of power.
Observers suggest that Trump’s forthcoming address will be pivotal in determining whether a genuine solution to the Iran crisis is within reach and, by extension, whether the current optimism fueling financial markets will persist in the coming days.
