Updated Bitcoin investors experienced brief relief early on Tuesday after US President Donald Trump suggested the 10-day military offensive in Iran is nearing its conclusion.
Bitcoin Rallies as Trump Weighs Quick Exit from Iran
9 March 2026 - 22:40 CET
By Sandmark staff
During a telephone interview with CBS News, Trump characterized the joint US-Israeli assault as "very complete, pretty much" and claimed the Iranian military is severely depleted. The remarks arrived ahead of a scheduled press briefing where he later described the campaign as a "short-term excursion".
Political backlash and Iranian defiance
Behind the scenes, the rhetoric reflects growing domestic pressure. Trump's advisers are privately urging him to find an exit ramp, fearing that a lengthy conflict and spiking oil prices could trigger a significant political backlash.
Despite the US administration's claims of military success, Iran's leadership signals it is still in control and able to fight. Senior Iranian political figures are regularly posting messages that project unity and defiance. Rather than capitulating, Iran's military continues to hit high-value targets across a wide front encompassing Arab Gulf countries and Israel. Internally, the regime appears to be consolidating power. The recent appointment of Mojtaba Khamenei to succeed his father undermines Western suggestions that Iranian citizens might reclaim the country following the initial 28 Feb strikes.
Bitcoin rallies as crude retreats
The sudden geopolitical pivot triggered immediate cross-asset volatility. Bitcoin pushed higher to trade around $70,300 at 07:30UTC after rallying from as low as $65,600 on 8 Mar at 22:00UTC, maintaining momentum as institutional appetite remains robust.
Traditional equities mirrored the market optimism. After suffering a dismal first hour of the 9 Mar trading session that saw a low of 6,636 points, the S&P 500 index reversed course and closed out at just under 6,800, indicating sustained positive momentum for the benchmark.
The most dramatic price action occurred in the energy sector. Brent crude futures plummeted following Trump's comments to as low as $84 a barrel at 19:00UTC yesterday - a price last seen on 6 Mar. The sharp drop materialized even as regional tensions remained elevated and the UAE confirmed it continued to intercept Iranian missiles. At 07:45UTC on 10 Mar prices had picked up again slightly to around $91 a barrel.
As the market digests the internal pressures in Washington alongside the ongoing defiance in Tehran, traders monitoring the live developments must determine if this volatility signals a genuine de-escalation or merely a temporary pause.
