Apr
Bitcoin broke above the $72,000 mark for the first time in nearly three weeks after the United States and Iran reached a two-week ceasefire deal.
In a Truth Social post on Tuesday, President Trump announced he would halt military strikes against Iran for a 14-day period — just hours before his self-imposed deadline for Iran to reopen the Strait of Hormuz, which had been threatened with consequences if left closed. Iran’s Supreme National Security Council confirmed it had accepted the truce.
“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks,” said Trump.
The leading cryptocurrency responded swiftly, gaining 2.6% within the hour following the announcement and touching $72,339, according to data from CoinMarketCap.
Veteran crypto traders have long viewed geopolitical instability as a drag on digital asset prices, meaning any signs of de-escalation tend to spark rapid recovery moves in the market.
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The ceasefire news arrived just hours after Trump issued some of his most alarming warnings yet. In a Monday post, he wrote that an entire civilization could be wiped out that night and might never recover, though he expressed reluctance to see it happen.
Bitcoin had last traded above the $72,000 level on March 18, as broader market sentiment remained subdued. The Crypto Fear & Greed Index reflected that caution on Tuesday, registering an “Extreme Fear” reading of just 11 out of 100 — indicating that most investors are treading carefully in the current environment.
Earlier, on April 1st, Trump suggested the US military operation against Iran could conclude within a matter of weeks, stating that the primary objective of dismantling Iran’s nuclear program had largely been accomplished.