Bitcoin climbed back above $70,000 on Monday for the first time since March 25, as investors reacted to reports that Iran may be seeking a ceasefire in the ongoing war, despite escalating threats from US President Donald Trump.
The cryptocurrency rose more than 3.5%, briefly surpassing $70,200 before easing slightly to just under $70,000 as of 10:35 a.m. in London, News.Az reports, citing Bloomberg.
Ether, the second-largest digital asset, gained as much as 5.1%, while about $273 million in bearish crypto bets were liquidated over the past 24 hours, according to Coinglass data.
Trump on Sunday issued stronger threats, saying the US would bring “Hell” to Iran if it did not reopen the Strait of Hormuz, a key global trade route that has been largely closed since the war began. He also suggested that attacks on Iranian power plants could begin as early as Tuesday if the strait remains shut.
At the same time, regional mediators are pushing for a 45-day ceasefire in a last-ditch effort to end the conflict, Axios reported Monday.
Oil prices eased below $108 a barrel, while gold rose about 0.5% to above $4,700 an ounce. S&P 500 futures gained roughly 0.4%, and tokenized contracts on Hyperliquid rose 1.2%.
Bitcoin has traded in a range between $65,000 and $75,000 in recent weeks, remaining under pressure since a sharp selloff in October that left it down about 45% from its peak above $126,000. Despite volatility tied to the conflict, the cryptocurrency has shown relative stability compared with other assets.
Meanwhile, US-listed spot Bitcoin exchange-traded funds recorded $22.3 million in net inflows last week, indicating continued investor interest.