The world’s largest cryptocurrency was last up 2.4% to $71,589.3
Bitcoin pared some gains on Wednesday, but remained solidly higher amid a massive rally in risk assets following a two-week ceasefire agreement between Iran and the U.S.
The world’s largest cryptocurrency was last up 2.4% to $71,589.3 by 21:51 GMT.
U.S. President Donald Trump on Tuesday evening said he would hold off on attacking Iran’s energy and civilian infrastructure for two weeks and that all warring parties would observe a ceasefire in that period.
Trump’s move came just hours ahead of a deadline he had imposed upon Iran to meet his demands, including reopening the critical Strait of Hormuz.
The crypto market received a shot in the arm earlier this week after spot Bitcoin exchange-traded funds (ETFs) recorded $471 million in inflows on Monday, the largest single-day total since just before the start of the war at the end of February.
Network activity is starting to improve with older holders gradually exiting without enough new demand. Due to this, many expect strong ETF inflows to be enough to push the price of Bitcoin beyond the $63,000-$75,000 range, Gracy Chen, CEO at crypto exchange Bitget, said.
ETFs are now supporting the lower part of the range and are absorbing supply. They give Bitcoin stability, but are not strong enough to act as a real trigger for a new uptrend. As a result, we think the market could continue fluctuating inside this channel for some time. With the U.S.-Iran two-week ceasefire now in place, sentiment has shifted toward fragile de-escalation, Chen added.
Broader crypto prices tracked gains in Bitcoin, with the world’s second-largest crypto Ether adding 3.3% to $2,215.81.
XRP, Solana, and Cardano had pared a chunk of their gains and were last up 1.2%, 0.6%, and 0.4%, respectively.
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