Bitcoin Tops $78,000 on Trump Iran Ceasefire Extension

Bitcoin surged above $78,000 on Wednesday, marking its highest level since February, as traders welcomed President Donald Trump's announcement extending a ceasefire with Iran amid ongoing Middle East tensions. The cryptocurrency climbed as much as 4.7 percent in the past 24 hours, reaching around $78,450 before settling near $78,100, driven by reduced fears of regional escalation and fresh institutional buying.

Trump stated that the United States would prolong the truce while maintaining a naval blockade in the Strait of Hormuz until Iranian officials present a unified proposal for further talks. He described Iran's leadership as "seriously fractured" and noted that keeping the strait open preserves about $500 million in daily revenue for Iran, a point echoed by Iranian officials who confirmed commercial shipping would continue uninterrupted. This development eased concerns over potential energy supply disruptions, with Brent crude oil holding steady near $98 a barrel. Global markets responded positively, as S&P 500 futures rose 0.5 percent and Nasdaq 100 futures gained 0.6 percent, signaling a broader shift toward risk assets.

The rally in Bitcoin reflected similar patterns...