Bitcoin Surges to $71,500 After US-Iran Ceasefire

Bitcoin's price has been on a roll since the US and Iran agreed to an initial ceasefire, sending risk assets surging across the board. The cryptocurrency is up 4.5% in 24 hours, trading at $71,500, with the broader crypto market cap climbing to $2.5 trillion.

The ceasefire announcement has sparked a bullish momentum in the market, with analysts pointing to increased institutional buying pressure as a key factor. Spot Bitcoin ETFs drew $471.3 million in net inflows on Monday alone, building on $22.3 million last week – a sharp reversal from nearly $300 million in outflows the prior week.

However, not all analysts are convinced that this momentum will sustain beyond a two-week ceasefire window. Caroline Mauron, co-founder of Orbit Markets, noted that 'Bitcoin jumped up this morning on the temporary ceasefire and relief that further escalation had been averted for now.'