Bitcoin finally got through the door.

The largest cryptocurrency broke above $72,000 on Thursday, its highest level since before the Feb. 5 crash and the first clean move above the $70,000 ceiling that had rejected it three times in the past month.

It was trading at $72,180 in Asian afternoon hours on Thursday, up 5.9% over the past 24 hours and 5.4% on the week, as a combination of easing war anxiety, strong ETF flows, and a broader equity rebound pulled risk appetite back into the market.

The rally was broad. Ether climbed 7.5% to $2,114, reclaiming $2,000 with conviction for the first time since late February. Dogecoin surged 7.5% to $0.095. Solana added 5.3% to $89.91. XRP rose 4.2% to $1.41 and BNB gained 3% to $650. WhiteBIT Coin jumped 5.6%. The only notable laggard was Tron, up just 1.4%.

The trigger was a shift in global risk sentiment. Asian equities rallied for the first time since the Iran war broke out, with South Korea's benchmark surging 11% after its biggest drop on record in the previous session.

Wall Street had led the way after economic data eased inflation concerns, though the recovery looked tentative with U.S. and European futures edging lower Thursday morning.

The conflict itself remains unresolved, however. Tehran is still targeting Israel and Gulf states. U.S. and Israeli forces continued striking Iran, including sinking an Iranian warship in international waters. Defense Secretary Pete Hegseth said operations could last "six, could be eight, could be three" weeks. Trump said "we're doing very well on the war front" and that the U.S. has "great support."

But markets have moved past the initial shock and into pricing mode. The Strait of Hormuz situation appears to be stabilizing with U.S. tanker escorts underway. Oil pared its early-week spike.

And the worst-case scenario of an uncontrolled regional escalation looks less likely with each day that passes without a dramatic widening of the conflict.