Bitcoin hits three-week high as US-Iran ceasefire boosts markets
Bitcoin (BTC-USD) surged to a three-week high following an initial ceasefire agreement between the US and Iran, sparking a rally in risk assets.
The largest cryptocurrency jumped as much as 4.9% to $72,738, its highest level since March 18, before settling at $71,764 on Wednesday morning in London, News.Az reports, citing Bloomberg.
Other digital tokens also posted strong gains, with Ether (ETH-USD) climbing up to 7.4% to $2,273.
Crude oil prices dropped, while stocks rallied after President Donald Trump agreed to suspend bombing in Iran for two weeks, fueling optimism for a reopening of the strategically vital Strait of Hormuz. Markets have been volatile since the conflict began in late February, driven by concerns that a major disruption in oil supply could worsen inflation and slow economic growth.
RECOMMENDED STORIES
Bitcoin has shown relative resilience in recent weeks, with signs that institutional selling pressure is easing. US-listed spot Bitcoin exchange-traded funds attracted $471.3 million in net inflows on Monday, following $22.3 million the previous week — a sharp turnaround from nearly $300 million in outflows the week before. In March, ETFs saw approximately $1.3 billion in net inflows, signaling stabilization after four consecutive months of net outflows starting in November 2025.
Despite the recent rebound, Bitcoin remains over 40% below its record high of more than $126,000 set in October.
By Nijat Babayev
Similar news
