Bitcoin broke through $72,000. Despite the tense situation in the Middle East and continued geopolitical risks, the Bitcoin and crypto markets as a whole showed strong resilience. Following reports that the US and Iran might begin ceasefire negotiations as early as this Thursday, oil prices, US Treasury yields, and the US dollar index declined, while Bitcoin and US stock futures maintained a firm trend. However, the market remains cautious about a rapid easing of tensions. ING analysts pointed out that Iran may prefer to maintain high energy prices before negotiations to strengthen its bargaining power, therefore the possibility of a significant drop in oil prices and a significant weakening of the US dollar in the short term is limited. A shift has occurred at the macro level; the US money market curve has largely priced in the expected interest rate cuts this year, a significant tightening compared to the previously widely anticipated at least two 25 basis point cuts. This change has weakened key bullish support for risk assets such as Bitcoin. (CoinDesk)