Bitcoin is Back to $64,000

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The largest cryptocurrency rose 3.5% on Friday to nearly $64,000, recovering the losses it had incurred when President Trump warned of an escalation in the strikes on Iran. At times the price had fallen to around $61,850 before buyers returned; over 24 hours, roughly $28 billion changed hands. On a weekly basis, Bitcoin is up about 4.2%.

The other major crypto assets also gained. Ether climbed 2.6% to $1,760 and is up 4% on the week. Solana added 2.6% to $78 but, with a weekly loss of 2.1%, remains the only major asset still in the red. XRP gained 2.2%, TRON rose 1.2% and leads the majors with 4.7% over seven days. Hyperliquid’s HYPE added 1.8% to $68, and Dogecoin rose 2.6% but remains 0.8% down on the week.

The reasons: leverage, semiconductors and a weak dollar

The speed of the recovery is explained above all by leverage in the market. Traders cut their positions in response to the Trump headline and reloaded within hours — a move too fast to have been driven by real demand. “Once liquidations begin to drive price action, the market can move faster than real demand would justify,” said Shawn Young, chief analyst at MEXC Research, who is now watching how Bitcoin behaves within the $60,000 to $63,000 range.

The decisive impulses came from outside the crypto world. MSCI’s Asia-Pacific equities index rose 1.4% as investors returned to semiconductor stocks amid renewed confidence in AI demand, cutting the week’s loss to under 1%. South Korea’s Kospi, a barometer for AI investment, jumped 4%. Among the winners was SK Hynix, after the company placed American depositary shares worth $26.5 billion — one of the largest share offerings of the year.

Additional tailwind came from the yen, which strengthened 0.6% while yields on long-dated Japanese government bonds fell. Beforehand, Finance Minister Satsuki Katayama had said the government wants to encourage pension funds to hold more domestic assets. Bloomberg’s dollar index declined and is heading for its second consecutive weekly loss.

Nothing crypto-native moved the price

Notably, not a single crypto-native factor moved Bitcoin this week. There were no significant ETF inflows, no protocol event and no exchange failure. Bitcoin weathered an oil shock, a global bond sell-off, a more hawkish repricing of Fed expectations and two rounds of U.S. strikes on Iran — and still closed up 4.2%, because Korean memory chips are in demand and the dollar is losing ground.

The truly decisive point is the dollar’s third consecutive weekly decline. Bitcoin’s gains this week were denominated in a currency that keeps getting cheaper. Should the greenback continue to weaken while the AI trade holds, the crypto market is likely to keep taking its cues from the semiconductor cycle rather than from what’s happening on a blockchain.

Top crypto assets at a glance (excluding stablecoins)