Bitcoin’s price surged past $72,000 for the first time in 20 hours following the announcement of a two-week ceasefire between the United States and Iran. The digital asset climbed 2.6% after former President Donald Trump stated he would suspend military action, a move which Iran’s Supreme National Security Council also accepted. Crypto market sentiment remains cautious, with a key fear index reading in “Extreme Fear” territory as geopolitical tensions historically influence trader behavior.
Bitcoin’s price rose above $72,000 after the U.S. and Iran agreed to a temporary halt in hostilities. The cryptocurrency climbed 2.6% in the hour following the ceasefire announcement, according to CoinMarketCap data.
“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Donald Trump said in a social media post. Iran’s Supreme National Security Council confirmed it accepted the ceasefire terms.
The deal followed renewed threats from Trump just a day earlier. “A whole civilization will die tonight, never to be brought back again,” he had stated.
Cryptocurrency traders have historically viewed geopolitical tensions as a headwind for prices. Any signs of easing such conflicts often trigger rapid relief rallies in the market.
Overall market sentiment remains negative despite Bitcoin’s recent price gain. The Crypto Fear & Greed Index posted an “Extreme Fear” score of 11 as investors stay cautious.
On April 1, Trump claimed the U.S. could conclude its military campaign in Iran within weeks. He stated the goal of eliminating Iran’s nuclear capabilities had been achieved.
