Analyst: US-Iran Ceasefire Talks Propel Bitcoin Surge, But Long-Term Gains Remain Uncertain

On April 8, following the White House announcement of a ceasefire agreement between the United States and Iran, Bitcoin, Ethereum, and the broader cryptocurrency market saw significant gains on Tuesday evening. According to data from The Block's cryptocurrency price page, as of 9:05 PM Eastern Time on Tuesday, Bitcoin was trading at approximately $71,695, up 4.3% within 24 hours. Earlier that day, the cryptocurrency briefly surpassed $72,700, marking its highest point since March 18. Ethereum rose 6% to $2,238, XRP increased by 3.5% to $1.37, and Solana gained 6.5% to $84.81. The Block's price data indicated that the entire cryptocurrency market rose by 3.95% in the past 24 hours. This price surge coincided with President Donald Trump's announcement of a two-week 'mutual ceasefire' agreement between the US and Iran. Trump had previously warned that if Iran did not reopen the Strait of Hormuz by Tuesday, it would 'totally destroy' Iran's power plants and bridges. In a statement, Trump wrote, 'The reason for the ceasefire is that we have achieved and surpassed all military objectives and made significant progress towards a final agreement for long-term peace with Iran. We received a 10-point proposal from Iran, which we believe is a viable basis for negotiation.' Trump also released Iran's official statement, in which Iran pledged to ensure the safe passage through the Strait of Hormuz. The closure of this critical global oil route had previously caused severe fluctuations in crude oil prices and disrupted global supply chains.