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Bitcoin opened May with a sharp move higher, rising by more than $2,000 at one point to test the $79,000 resistance level after gaining more than 13% in April. The rally helped lift the cryptocurrency’s market capitalization to nearly $1.57 trillion and triggered $120 million in short liquidations.
After ending April with gains exceeding 13%, bitcoin traded just below $76,500 late Thursday before spiking to $77,340 minutes before midnight. Early Friday, it oscillated between $77,000 and $77,500, then staged a second rally that pushed the intraday high to $78,924 around 9 a.m. EDT.
By 12:30 p.m., bitcoin was trading near $78,300, up 2.6% over the prior 24 hours, after giving back some of the earlier gains.
Bitcoin’s move on May 1 increased its market capitalization from $1.52 trillion on Wednesday to nearly $1.57 trillion. The surge also triggered the liquidation of $120 million in short positions, representing more than half of the $217 million in short bets liquidated across the crypto market over the prior 24 hours.
Commentary around the rally pointed to reports that Iran had submitted a fresh proposal to Washington via Pakistani mediators. President Donald Trump, however, appeared to reject the proposal when speaking to reporters at the White House, saying that while Tehran’s leadership has expressed willingness to negotiate, internal infighting makes a resolution impossible.
As diplomatic optimism circulated, Brent crude oil prices fell below $110 per barrel. Commentators cautioned that the decline may be temporary as long as the Strait of Hormuz remains closed, which could keep gasoline prices elevated and add pressure to the political environment ahead of the upcoming midterm elections.
Markets are increasingly factoring in the possibility that Middle East risks may not fade quickly. While U.S. officials said “hostilities have ended,” Trump suggested the ceasefire could still be abandoned. With Israel warning of renewed strikes on Iran and military pressure unresolved around the Strait of Hormuz, the ceasefire was described as more of a delay than a durable settlement.
Although bitcoin appears to benefit from residual risk appetite and institutional inflows, a Bitunix analyst warned that if global markets shift from a “soft landing” narrative toward a “stagflation trade,” volatility across high-valuation assets could rise materially.
The analyst added that if markets conclude the Federal Reserve is losing policy flexibility and directional clarity, liquidity expectations may again become the dominant factor pressuring risk assets.
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