Bitcoin rises 5% on ceasefire news

Bitcoin gained value after U.S. President Donald Trump said that he had declared a two-week ceasefire with Iran and that this was contingent on the reopening of the Strait of Hormuz.

Today, Bitcoin saw a decline of up to 2.2% in Singapore and was trading at around $68,800. In London, at 09:20, it was trading down 2.2%, at $68,460. With this drop, it erased the previous day’s gains, which briefly surpassed $70,000 for the first time since Mart ayından bu yana. Other digital assets also lost value. Ether, the second-largest cryptocurrency, fell by up to 2.8%.

Global stock markets wavered ahead of Tuesday’s final deadline set by Trump, who threatened to bomb Iran’s civilian infrastructure if the Strait of Hormuz was not reopened. S&P 500 futures fell by 0.4%.

BTC Markets analyst Rachael Lucas said the bearish tone in the Bitcoin market remains in the short and medium term and that the market is in a wait-and-see mode.

After reports that Iran rejected the ceasefire proposal, risks of escalation in the war with Iran forced investors to pull back largely. Trump said that opening the critical trade route would be part of an agreement that would end the war.

“Bull scenario depends on two catalysts”
Since the start of the war, oil prices have risen rapidly. Brent crude gained value on Tuesday and contributed to an increase of roughly 50% since the beginning of the conflict that started at the end of February. Gold traded sideways during the day and has lost more than 10% since the war began.

Bitcoin followed a relatively resilient course, alongside signs that institutional selling pressure has eased. Spot Bitcoin exchange-traded funds (ETFs) trading in the U.S. recorded a net inflow of $471.3 million on Monday, adding to last week’s $22.3 million inflow.

Bitcoin has been largely stuck between $65,000 and $75,000 since the beginning of March. Since the sharp sell-off in Ekim ayındaki, crypto trading has been weak. Now traders are focusing on an end to the war that could potentially pull digital assets higher, and on new cryptocurrency regulations in the U.S.

Lucas said, “The bull scenario depends on two catalysts: a drop in oil prices below $100, a confirmed and sustainable U.S.-Iran ceasefire, and the passage of the U.S. Clarity Act, expected at the end of Nisan ayı sonunda, which is closely watched by institutional market participants.”
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