Bitcoin surges after US-Iran truce, surpasses US$71,000

Bitcoin soared past US$71,000, rising nearly 5% after Trump's Iran announcement, boosting gains in stocks, gold, and other cryptocurrencies.

Bitcoin's price surged sharply after Donald Trump announced a two-week postponement of the ultimatum to Iran, contingent on the reopening of the Strait of Hormuz. This news propelled Bitcoin above US$71,000 on major international markets, with daily gains nearing 5%. Ethereum also experienced a notable increase of over 6% during the same period. The prospect of a truce in the Middle East boosted investor risk appetite, resulting in gains across stock markets, gold, and other cryptocurrencies. In contrast, oil prices dropped by up to 16% as geopolitical tensions eased. Gold prices exceeded US$4,800 per ounce, while technology and mining stocks led the market advances. The reduction in geopolitical uncertainty and falling energy prices supported increased demand for both growth and safe-haven assets, such as Bitcoin and gold.