What to know:
- Down earlier on Thursday as oil rose alongside growing questions about the supposed ceasefire in Iran, bitcoin reversed higher after Israeli Prime Minister Benjamin Netanyahu said his government would pursue negotiations with Lebanon over disarming Hezbollah.
- Bitcoin’s gain continued a recent divergence from software stocks, with the cryptocurrency up about 9% over the past month while the iShares Expanded Tech-Software ETF is down 12%.
Okay, so the crypto market was looking pretty shaky earlier today, but things suddenly flipped. Apparently, the Israeli Prime Minister announced they’re starting negotiations with Lebanon, and it seems like that’s what caused the shift. I saw reports that Trump actually asked Netanyahu to ease up on the bombing because it was putting this ceasefire agreement, scheduled for Monday, at risk. It’s crazy how geopolitical stuff like this can instantly change things in crypto – a potential escalation was weighing on everything, and now there’s a bit of relief.
Bitcoin’s price jumped around 3% after the news broke, currently trading at $72,300 – a 2% increase over the last day. U.S. stocks, which had been slightly down earlier, are now showing gains, with the Nasdaq up 0.65%. Oil prices initially climbed to almost $103 a barrel before falling back to $98.60.
Bitcoin is doing significantly better than most other major cryptocurrencies right now. While ether, solana, and XRP have all seen small gains of less than 1%, Bitcoin is performing much stronger.
Continued divergence with software stocks
Bitcoin and software stocks, which have often moved in the same direction recently, continued to separate on Thursday. The iShares Expanded Tech-Software ETF (IGV) dropped 4%, nearing a crucial support level of around $76 – a price point it has bounced back from several times in the past.
Bitcoin has increased by 9% in the last month, but IGV has decreased by 12%. Looking at price trends over the past 20 days, the connection between Bitcoin and IGV has weakened to 0.34, confirming that they are moving in different directions recently.
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2026-04-09 19:12