Bitcoin Surges Above $72,000 on US-Iran Ceasefire

A two-week ceasefire between the US and Iran has sent shockwaves through global markets, with Bitcoin's price surging above $72,000.

The move came after President Donald Trump announced that the US would suspend bombing and attacks on Iran for a period of two weeks. Iran later confirmed the ceasefire, but stated that it did not mean the war had ended.

The announcement led to a sharp rally in risk assets, with Bitcoin climbing 2.6% within an hour of the news breaking. The broader crypto market also moved higher, with a wider crypto market index rising 5% as buying picked up across major tokens.

U.S. stock futures advanced at the same time, while oil prices fell sharply as traders eased concerns around supply disruptions and inflation pressure. West Texas Intermediate crude dropped more than 10% to about $95 per barrel, while Brent crude also fell sharply.