Bitcoin rises crosses the $69,000 mark

The world’s largest cryptocurrency last traded 3.4% higher at $69,065.9

Bitcoin rose above $69,000 on Monday after reports that Iran and the U.S had received a ceasefire framework that could reopen the Strait of Hormuz as early as Monday, improving appetite for risk assets.

The world’s largest cryptocurrency last traded 3.4% higher at $69,065.9 by 07:38 GMT.

A Reuters report on Monday said Iran and the U.S. had received a plan to end hostilities that could take effect immediately and reopen the Strait of Hormuz, citing a source aware of the proposals.

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

The report said all elements of the proposal needed to be agreed on by Monday.

Axios earlier reported that Washington, Tehran, and regional mediators were discussing a potential 45-day ceasefire as part of a two-phase deal that could lead to a permanent end to the conflict.

The gains came even as Donald Trump said Iran had until Tuesday evening to restore tanker traffic through the Strait of Hormuz or face attacks on strategic infrastructure.

Trump said the deadline would expire at 1:00 AM GMT and warned that Iranian power plants and bridges could become targets if the route remained restricted.

Meanwhile, U.S. investors also assessed stronger-than-expected payrolls data released on Friday, which reinforced expectations that the central bank may keep interest rates higher for longer.

Most altcoins also gained sharply on Monday amid a risk-on mood.

World no.2 crypto Ethereum rose 4.8% to $2,135.92.

World no. 3 crypto XRP added 3.4% to $1.34.

Solana and Polygon rose 3% each, while Cardano added 6%.