Bitcoin jumps to three-week high on US-Iran ceasefire plan
Markets have swung since the war began on concern that a severe disruption to oil flows would stoke inflation and weigh on economic growth
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[SINGAPORE] Bitcoin rose to a three-week high after the US and Iran agreed to an initial ceasefire, prompting a surge in risk assets.
The largest cryptocurrency spiked as much as 4.9 per cent to US$72,738, its highest level since Mar 18, and was trading just below US$72,000 at 8.25 am on Wednesday (Apr 8) in Singapore. Smaller tokens also notched big gains, with Ether rising as much as 7.4 per cent to US$2,273.
“Bitcoin jumped up this morning on the temporary ceasefire and relief that further escalation had been averted for now,” said Caroline Mauron, co-founder of Orbit Markets. “Crypto markets will probably take their cue from stocks and commodities today.”
Crude oil slumped and US equity-index futures surged after US President Donald Trump agreed to suspend bombing on Iran for two weeks, raising hopes for a reopening of the crucial Strait of Hormuz. Markets have swung since the war began on concern that a severe disruption to oil flows would stoke inflation and weigh on economic growth.
Bitcoin has been relatively resilient in recent weeks, with signs that institutional selling pressure is easing.
US-listed spot Bitcoin exchange-traded funds (ETFs) drew US$471.3 million in net inflows on Monday, building on US$22.3 million last week, a sharp reversal from nearly US$300 million in outflows the week prior. March recorded about US$1.3 billion in net inflows into the ETFs, a stabilisation after the four straight months of net outflows that began in November 2025. BLOOMBERG
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