Bitcoin has erased its losses from earlier in the day, rising to almost $75,000. This follows Trump’s announcement of a 10-day ceasefire agreement between Israel and Lebanon, a development which could improve negotiations between the U.S. and Iran as they seek to end their war.
Bitcoin Spikes as Trump Announces 10-Day Ceasefire Between Israel and Lebanon
Bitcoin has climbed to a high of $74,800, from an intraday low of around $73,000, according to TradingView data. The BTC price rose sharply following Trump’s announcement of a 10-day ceasefire agreement between Lebanon and Israel.
In a Truth Social post, the U.S. president stated that leaders from both countries had agreed to formally begin the 10-day ceasefire from today as they move to achieve peace between the two countries. This announcement follows the meeting between the two countries yesterday in the U.S., in a bid to resolve the long-standing conflict.
Bitcoin jumped on the back of this announcement, as this ceasefire could aid talks between the U.S. and Iran as they seek to end their war. Notably, Iran had insisted that Lebanon was a part of the 2-week ceasefire that the U.S. and Iran agreed to and threatened to abandon the ceasefire if Israel did not stop its strikes against Lebanon.
It is also worth noting that this development comes ahead of the proposed second round of peace talks between the U.S. and Iran, as both sides failed to reach an agreement at the first meeting last weekend. Meanwhile, as CoinGape reported, the U.S.-Iran ceasefire could extend beyond the two weeks as both sides continue negotiations towards a conclusive end to the war.
Bitcoin reached a multi-month high of $76,000 earlier this week amid optimism that the U.S.-Iran war could soon end. The war has notably pressured risk assets, especially as oil prices rose early in the war, sparking inflation concerns.
Crypto Traders Bet On Ceasefire Extension
Crypto traders are currently betting that the U.S. and Iran will agree to extend their two-week ceasefire. According to Polymarket data, there is an 87% chance the ceasefire will be extended by April 21, just a day before it expires.
Bitcoin has also recovered as the U.S. and Iran continue to communicate through Pakistani mediators ahead of a potential second round of peace talks. According to an Al Jazeera report, Pakistani sources have said there has been a major breakthrough in talks over Iran’s nuclear program, which is a positive for crypto prices.
It is worth noting that Iran’s nuclear program was the major point that both sides failed to reach an agreement on in the first round of talks. Meanwhile, tensions have subsided despite Trump’s move to blockade the Strait of Hormuz earlier this week.