Bitcoin jumps above $69,000 as risk appetite improves

The world’s largest cryptocurrency was last up 1.6% to $69,435.4

Bitcoin jumped above $69,000 on Monday as risk appetite improved after reports of a potential ceasefire between Iran and the U.S.

The world’s largest cryptocurrency was last up 1.6% to $69,435.4 by 22:00 GMT.

The framework exchanged overnight with both sides, outlined a two-tier process involving an immediate ceasefire followed by negotiations toward a broader settlement.

But Iran’s state media said the country had conveyed its response to the proposal, rejecting a ceasefire and instead emphasizing the necessity of a “permanent end” to the war.

Iran’s response consists of 10 clauses, state media said, including protocol for safe passage through the critical Strait of Hormuz and the lifting of sanctions.

Axios first reported on Sunday that the U.S., Iran and mediators were discussing a potential 45-day ceasefire as part of a two-phase deal that could lead to a permanent end to the war, citing sources.

Elsewhere, Strategy added 4,871 Bitcoin to its corporate treasury last week, paying an average of roughly $67,718 per coin for a total outlay of about $329.9 million, according to a Monday regulatory filing.

The latest purchase brings the company’s cumulative holdings to 766,970 BTC, acquired at a total cost of $58.02 billion and an average price of $75,644 per coin, according to the company’s boss, Michael Saylor.

With Bitcoin trading at $69,435.4, the position currently sits 8.2% below its cost basis, representing roughly $5 billion in paper losses.

Most altcoins also saw gains on Monday amid a risk-on mood.

Ethereum advanced 2.6% to $2,139.04. XRP rose 1.6% to $1.3338. Solana added 1.1% and Cardano gained 1.6%.