Bitcoin Tops $71k as US-Iran Agree to a Ceasefire Deal

TL;DR

• BTC is up 4.2% in the last 24 hours and now trades above $71,000.

• The rally comes as the United States and Iran agreed to a ceasefire deal. 

BTC Surges on US-Iran Deal

The cryptocurrency market has been bullish over the past 24 hours as Bitcoin and other leading cryptocurrencies are rallying.

The leading cryptocurrency by market cap is up 4.2% since Tuesday and is currently trading above $71,700 per coin.

The rally comes after President Trump confirmed a two-week ceasefire with Iran via Truth Social just before his 8 p.m. ET deadline. It also resulted in $595 million in total crypto liquidations across 118,489 traders, according to CoinGlass data.

Short positions accounted for $427 million versus $168 million in longs, a ratio of more than 2.5-to-1 that reflects just how heavily the market was positioned for further downside heading into the deadline.

According to Trump, the agreement was a "double-sided ceasefire," adding that the U.S. had "already met and exceeded all military objectives." 

Iran confirmed the suspension but hedged on the Strait of Hormuz, saying oil tankers could transit for two weeks "via coordination with Iran's armed forces and with due consideration to technical limitations."

The agreement comes as Iran has been collecting crypto to settle tolls for safe passage since it restricted passage through the Strait of Hormuz.

With Bitcoin rallying, altcoins are also in the green. Ether leads the way with a 6% pump and is now trading above $2,200. Solana (SOL) and Hyperliquid (HYPE) are also up by 6% each, and are now trading at $84 and $39, respectively.