Crypto ends week higher after US-Iran ceasefire

Cryptocurrency prices were poised to end the trading week higher after the United States and Iran announced a two-week ceasefire.

Prices of digital assets such as Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) rose along with stocks, as crude oil prices fell below $100 a barrel following news of the ceasefire.

Bitcoin was trading around $73,000 on April 10, down from $66,000 the previous week. Ether was near $2,250 and back above the key $2,000 support level.

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The rally in cryptocurrency prices coincided with a big rally in stocks as investors cheered the ceasefire and crude oil prices fell as much as 15%.

Despite the rally, many analysts warn that near-term risks remain for risk assets like cryptocurrencies, especially as the ceasefire between the United States and Iran appears to be on shaky ground.

Here’s what happened in the crypto markets last week:

New York Times identifies ‘Satoshi’: The New York Times (NYSE: $NYT) claims to have identified the person who uses the pseudonym “Satoshi Nakamato” and is the inventor of Bitcoin. According to The Times, the inventor of Bitcoin is Adam Back, a British cryptographer and a major player in the cryptocurrency movement. The Times said it concluded that Back is Satoshi after analyzing old emails and social media posts. Back has repeatedly denied being Satoshi and quickly responded to the New York Times story.

Morgan Stanley Bitcoin ETF Debuts: Morgan Stanley’s new spot Bitcoin exchange-traded fund (ETF) (NYSE: $MS) saw more than 1.6 million shares traded and $34 million in inflows on its first day. Analysts agree that inflows were strong on the first day and that the fund’s low expense ratio of 0.14% is likely to attract investors. Morgan Stanley’s Bitcoin ETF offers the lowest expense ratio among a dozen such funds currently on the market.

The strategy resumes buying Bitcoin: Michael Saylor Strategy (NASDAQ: $MSTR) resumed its Bitcoin purchases, purchasing US$330 million of the cryptocurrency. Strategy, a former software company turned serial Bitcoin acquirer, added to its treasury over the past week after going on hiatus. The company purchased Bitcoin at an average price of $67,718 per coin. After the most recent purchases, Strategy owns 766,970 Bitcoin worth $58 billion.

Gemini becomes an acquisition target: Shares of Gemini (NASDAQ: $GEMI) rose as rumors emerged that the cryptocurrency exchange is an acquisition target. Multiple media reports say potential buyers have approached Gemini about making an acquisition. Gemini was founded and is run by twin brothers Tyler and Cameron Winklevoss. The company went public last September. Since then, GEMI shares have plummeted, falling 85% to trade at less than US$5.

Kalshi dominates the prediction markets: Kalshi now controls 89% of the US prediction market volume, according to a new report from Bank of America (NYSE: $BAC). Kalshi dominates the fast-growing prediction market and is well ahead of rivals Polymarket with 7% and Crypto.com with 4% market share respectively. Kalshi benefits from the fact that it operates under the supervision of the US Commodity Futures Trading Commission (CFTC).

Japan reclassifies cryptocurrencies: Japan’s government has officially classified cryptocurrencies as “financial products,” marking a change in how the country plans to regulate digital assets. The new classification places cryptocurrencies like Bitcoin under the Financial Instruments and Exchange Act, a framework used for stocks and other securities.

Ethereum Foundation downloads 5000 tokens: The Ethereum Foundation plans to convert 5,000 Ether, worth $11 million, into stablecoins. The exchange is part of the organization’s ongoing efforts to fund research and development (R&D), grant programs and other initiatives. The Ethereum Foundation is a Swiss-based non-profit organization established in 2014 to support the Ethereum ecosystem.