As geopolitical tensions temporarily ease, the entire cryptocurrency market is showing a strong rebound, with major tokens rising across the board.

Bitcoin has finally broken through a significant milestone. On Thursday afternoon in Asia, it surpassed $72,000 and has maintained this level clearly for the first time since the crash in early February. In the past 24 hours, it has risen about 6%, and over the week, it has gained more than 5%. The initial shock from the Iran-Israel conflict is gradually being priced in, and investors' risk appetite is returning.

This upward movement is not limited to Bitcoin alone. Ethereum surged 7.5%, recovering to the $2,100 range. Dogecoin also increased by 7.5%. Solana rose over 5%, returning close to $90, and XRP gained more than 4%, reaching the $1.40 level. BNB also rose around 3%, hovering near $650. The only exception is Tron, which only saw a modest 1.4% increase, appearing somewhat lagging behind.

The clear reason behind this rebound is evident. Asian stock markets rebounded for the first time since the outbreak of conflict, with South Korea’s benchmark index soaring 11% after a sharp decline the previous day. Wall Street also led the rally, as economic indicators eased inflation concerns, prompting broad risk asset buybacks. Oil prices entered a correction phase, and the stabilization of the Strait of Hormuz situation has significantly improved market sentiment.

However, the conflict itself remains unresolved. Tehran continues to target Israel and Gulf countries, and U.S. and Israeli military operations are ongoing. Yet, as days pass without dramatic escalation, the likelihood of the worst-case scenario diminishes. The market has overcome the initial shock and is now in a price formation stage.

Meanwhile, significant moves are also happening at the corporate level. One mining company has rapidly shifted to an Ethereum-backed leverage strategy. Within just six months, it doubled its number of shares and raised over $10 billion, accumulating about 5% of all ETH. It now holds 4.87 million ETH, purchased at an average cost in the $2,200 range, making it the largest holder as a corporate entity.

However, the company’s financial situation is complex. Its quarterly net loss reached $3.8 billion, attributable to fair value accounting and derivative losses. Most of its operations have shifted to staking, with quarterly revenue around $11 million, but general administrative expenses have surged to $75 million. The imbalance between income and expenditure is pronounced, highlighting an urgent need for operational efficiency improvements.