Bitcoin Regains $87,000 as US Tech Stocks Rally, Hopes Rise for Easing Iran Tensions

Bitcoin regained the $87,000 level, supported by gains in US technology stocks and hopes for easing tensions in the Middle East.

As of 1:25 p.m. on Sept. 23 in Seoul, Bitcoin was trading at $87,164 on Binance's USDT market, up 1.91% from a day earlier. On Upbit's won market, it rose 0.99% to 116.801 million won.

Major altcoins also advanced. Ether traded at $2,787.99 on Binance, up 1.89% from the previous day. XRP surged 7.84% to $1.6444, leading gains among major cryptocurrencies. Solana also rose 2.3% to $119.59, nearing a move back above $120.

The rebound was driven in part by overnight strength in US technology shares. Buying in artificial intelligence and semiconductor stocks on Wall Street improved sentiment across risk assets.

Micron gained 5.0%, while Nvidia added 0.66%. The Philadelphia Semiconductor Index rose 2.06%. Continued demand for US tech stocks also appeared to lift the cryptocurrency market.

Prospects for easing tensions between the US and Iran also helped reduce uncertainty. Oil prices fell after reports that Iran had proposed reopening the Strait of Hormuz within a week if the US eases military pressure.

Brent crude for November delivery and West Texas Intermediate for October delivery fell 1.1% and 1.2%, respectively, dropping below $100 a barrel. Expectations that lower oil prices could ease inflation pressures also supported appetite for risk assets.