Bitcoin climbed to a three-week high following a preliminary ceasefire agreement between the United States and Iran, triggering a broad rally across risk assets. The leading cryptocurrency surged by as much as 4.9% to reach $72,738, its highest level since March 18, before paring some gains. At the time of writing, Bitcoin was trading at $71,807.5. Other smaller tokens also recorded substantial gains, with Ethereum rising up to 7.4% to $2,273.
According to Caroline Mauron, Co-Founder of Orbit Markets, "Bitcoin jumped this morning due to the temporary ceasefire and market relief that an immediate escalation of conflict has been avoided. The crypto market is likely to follow the movements of equities and commodities today." After former President Trump agreed to a two-week suspension of bombing against Iran, crude oil prices fell sharply and stock markets rallied, raising hopes for the reopening of the critical Strait of Hormuz. Since the conflict began in late February, markets have been volatile amid concerns that severe disruptions to oil supplies could drive inflation higher and hinder economic growth.
Ivan Lim, Senior Derivatives Trader at FalconX, commented, "I still expect markets to remain volatile until a lasting resolution is seen. However, overall, the tone is positive for now." In recent weeks, Bitcoin has shown relative resilience, with indications that institutional selling pressure is easing. U.S.-listed spot Bitcoin ETFs attracted net inflows of $471.3 million on Monday, extending the previous week's inflow of $22.3 million. This marks a sharp reversal from the nearly $300 million in outflows seen the week before. In March, ETFs recorded approximately $1.3 billion in net inflows, signaling stabilization after four consecutive months of outflows that began in November 2025. Currently, Bitcoin remains more than 40% below its all-time high of over $126,000 reached in October.
Jeff Mei, Chief Operating Officer of BTSE, noted, "The potential for a bull market depends on how oil and gas supply recovers in the coming months and its impact on inflation." He added that if inflation declines sufficiently and the Federal Reserve decides to resume interest rate cuts, "cryptocurrency prices could see a rebound."
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