The cryptocurrency market extends its recovery on Friday with Bitcoin (BTC) rising above $71,000, Ethereum (ETH) crossing $2,100, and Ripple (XRP) around $1.40. Derivatives and on-chain data show a renewed risk-on sentiment among traders, driven by US market demand and outweighing Korean market demand.

Altcoins such as Pi Network (PI), River (RIVER), and Midnight (NIGHT) lead the broader market recovery despite the escalating US-Iran war keeping the Strait of Hormuz nearly blocked, which is linked to higher Crude Oil prices. 

US demand outpaces Korea, supporting renewed interest in the crypto market

Consistent with the steady rise in Bitcoin prices so far this week, its futures Open Interest (OI) mirrors a similar recovery. Santiment data…