Bitcoin reclaims $72K after US, Iran agree to 2-week ceasefire

The price of Bitcoin pushed past $72,000 for the first time in 20 days after the US and Iran agreed to a two-week ceasefire.

“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump said in a Truth Social post on Tuesday, hours before his deadline for Iran to reopen the Strait of Hormuz or face military attacks on key infrastructure. 

Iran's Supreme National Security Council also said it accepted the ceasefire.

Bitcoin (BTC) climbed 2.6% in the hour following the announcement, reaching $72,339 at the time of publication, according to CoinMarketCap. 

Crypto traders have historically seen geopolitical tensions as a headwind for prices, with any hints of easing often triggering quick relief rallies.

The deal also came hours after Trump renewed threats against Iran.

“A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will,” Trump said in a post on Monday.

Related: Bitcoin wallets absorb 4.37M BTC as network activity flips to 'bull phase’

The last time Bitcoin traded above $72,000 was March 18, as sentiment continues to drag in the crypto market. 

The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted an “Extreme Fear” score of 11 on Tuesday, signaling that investors are taking a cautious approach to the crypto market.

On April 1, Trump said the US could wrap up its military campaign in Iran within weeks, claiming the goal of eliminating Iran’s nuclear capabilities had been achieved.

Magazine: ‘Phantom Bitcoin’ checks, Drift hack linked to North Korea: Asia Express