Bitcoin rose to a three-week high after the US and Iran agreed to an initial ceasefire, prompting a surge in risk assets.
The largest cryptocurrency spiked as much as 4.9% to $72 738, its highest level since March 18, before paring gains to trade at $71 300 at noon on Wednesday in Singapore, about 3% higher. Smaller tokens also notched big gains, with Ether rising as much as 7.4% to $2 273.
“Bitcoin jumped up this morning on the temporary ceasefire and relief that further escalation had been averted for now,” said Caroline Mauron, co-founder of Orbit Markets. “Crypto markets will probably take their cue from stocks and commodities today.”
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Crude oil slumped and stocks surged after President Donald Trump agreed to suspend bombing on Iran for two weeks, raising hopes for a reopening of the crucial Strait of Hormuz. Markets have swung since the war began in late February on concern that a severe disruption to oil flows would stoke inflation and weigh on economic growth.
“I would still expect markets to stay choppy from here until we see a durable resolution,” said Ivan Lim, senior derivatives trader at FalconX. “Overall though, for now, the tone is positive.”
Bitcoin has been relatively resilient in recent weeks, with signs that institutional selling pressure is easing.
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US-listed spot Bitcoin exchange-traded funds drew $471.3 million in net inflows Monday, building on $22.3 million last week — a sharp reversal from nearly $300 million in outflows the week prior. March recorded about $1.3 billion in net inflows into the ETFs — a stabilization after the four straight months of net outflows that began in November 2025.
Bitcoin is down more than 40% from a record high above $126 000 reached in October.
“The possibility of a bull market depends on how oil and gas supply will recover in the coming months and its impact on inflation,” Jeff Mei, chief operating officer at BTSE. If inflation falls enough and the US Federal Reserve decides to resume interest-rate cuts, “a rally in crypto prices could occur,” he said.
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