Bitcoin rallied past $70,000 early Friday, as U.S. monetary policy concerns appeared to outweigh ongoing tensions in Iran.

The price of Bitcoin rose 2.4% to $71,461 over the past 24 hours, according to CoinDesk data. During that period, it almost hit $72,000. Ethereum and XRP both increased by 2.9%, respectively.

Cryptocurrencies may have been responding to a Truth Social post from President Donald Trump, in which he encouraged the Federal Reserve Chair — Jerome Powell — to loosen monetary policy: "He should be dropping Interest Rates, IMMEDIATELY, not waiting for the next meeting!"

A Fed rate cut, would be good for risk-on assets like Bitcoin and January personal consumption expenditures price index is out Friday. Any signs of cooling inflation would also heighten prospects of a cut.

However Middle East tensions have driven up energy prices and if the war remains protracted could have an inflationary effect keeping interest rates higher-for-longer.

Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com

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source: https://www.tradingview.com/news/DJN_DN20260313002076:0/