Bitcoin Surges to Two-Month High Amid Middle East Ceasefire Extension

Bitcoin has reached its highest level since early February, trading at over $78,000 on Wednesday after President Donald Trump's extension of a ceasefire with Iran boosted risk appetite.

The world's largest cryptocurrency rose by 4% to $78,586.2 at 17:30 ET (21:30 GMT), setting it up for its third consecutive day of gains.

According to David Morrison, senior market analyst at Trade Nation, Bitcoin is 'increasingly behaving as a hybrid asset,' drawing in investors during periods of easing tensions and serving as a hedge against geopolitical uncertainty.