Crypto Ends The Week Higher After U.S.-Iran Ceasefire

Cryptocurrency prices were poised to end the trading week higher after the U.S. and Iran announced a two-week ceasefire.

Prices for digital assets such as Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) rose alongside stocks as crude oil prices plunged below $100 a barrel on news of the ceasefire.

Bitcoin was trading right around $73,000 on April 10, up from $66,000 U.S. a week earlier. Ether was near $2,250 U.S. and back above the key support level of $2,000 U.S. 

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The uptick in crypto prices coincided with a big rally in equities as investors cheered the ceasefire and crude oil prices plunged as much as 15%. 

Despite the rally, many analysts are warning that near-term risks remain for risk assets such as crypto, especially as the U.S.-Iran ceasefire appears to be on shaky ground.

Here’s what else happened in crypto markets this past week:

New York Times Identifies ‘Satoshi’: The New York Times (NYSE: $NYT) claims that it has identified the person who goes by the pseudonym “Satoshi Nakamato” and is the inventor of Bitcoin. According to The Times, Bitcoin’s inventor is Adam Back, a British cryptographer and a major player in the cryptocurrency movement. The Times said it concluded that Back is Satoshi after analyzing old emails and social media posts. Back has repeatedly denied that he is Satoshi and was quick to respond to The New York Times story.

Morgan Stanley’s Bitcoin ETF Debuts: Morgan Stanley’s (NYSE: $MS) new spot Bitcoin exchange-traded fund (ETF) saw more than 1.6 million shares traded and $34 million U.S. of inflows on its first day. Analysts agree the day one inflows were strong and that the fund’s low expense ratio of 0.14% likely appeals to investors. Morgan Stanley’s Bitcoin ETF offers the lowest expense ratio among a dozen such funds currently on the market.

Strategy Resumes Bitcoin Buying: Michael Saylor’s Strategy (NASDAQ: $MSTR) resumed its Bitcoin purchases, buying $330 million U.S. of the cryptocurrency. Strategy, a former software company turned serial Bitcoin acquirer, added to its treasury over the past week after taking a pause. The company bought Bitcoin at an average price of $67,718 U.S. per coin. After the most recent purchases, Strategy owns 766,970 Bitcoin worth $58 billion U.S.

Gemini Becomes A Takeover Target: The stock of Gemini (NASDAQ: $GEMI) jumped as rumours surfaced that the cryptocurrency exchange is a takeover target. Multiple media reports say that potential buyers have approached Gemini about an acquisition. Gemini was founded and is run by twin brothers Tyler and Cameron Winklevoss. The company went public last September. Since then, GEMI shares have collapsed, falling 85% to trade at less than $5 U.S.

Kalshi Dominates Prediction Markets: Kalshi now controls 89% of U.S. prediction market volume, according to a new report from Bank of America (NYSE: $BAC). Kalshi dominates the fast-growing prediction market and is far ahead of rivals Polymarket at 7% and Crypto.com at 4% market share, respectively. Kalshi is benefitting from the fact that it operates under oversight from the U.S. Commodity Futures Trading Commission (CFTC).

Japan Reclassifies Crypto: Japan’s government officially classified cryptocurrencies as “financial products,” marking a shift in how the country plans to regulate digital assets. The new classification places cryptocurrencies such as Bitcoin under the Financial Instruments and Exchange Act, a framework used for stocks and other securities.

Ethereum Foundation Offloads 5,000 Tokens: The Ethereum Foundation plans to convert 5,000 Ether, worth $11 million U.S., into stablecoins. The swap is part of the organization’s ongoing efforts to fund research and development (R&D), grant programs, and other initiatives. The Ethereum Foundation is a Swiss-based non-profit organization established in 2014 to support the Ethereum ecosystem.