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.
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.