Bitcoin’s (BTC) price is up 4% and trading at $78,000 U.S. after President Donald Trump indefinitely extended a ceasefire with Iran.
The largest cryptocurrency by market capitalization is now trading at its highest level since the start of February amid signs that the “crypto winter” that began last October is starting to thaw.
Until now, Bitcoin had struggled to break through resistance it encountered at $75,000 U.S. The cryptocurrency repeatedly fell after touching $76,000 U.S. in recent months.
However, digital assets are again rallying alongside stocks after Trump said he is imposing an indefinite ceasefire with Iran and that there are no more peace talks planned at this time.
Other leading cryptocurrencies such as Ethereum (ETH), Solana (SOL) and Dogecoin (DOGE) are also each up 4% on April 22 as investors turn back to risk assets.
Crypto bulls hope that the worst is now over for Bitcoin and other cryptocurrencies after a prolonged slump that began last fall.
Over the past six months, BTC saw its price cut by more than half, falling from $126,000 U.S. to as low as $60,000 U.S., peak to trough.
Some analysts warn that there remain few catalysts on the near-term horizon for crypto beyond the end of hostilities in the Middle East.
Still, improving sentiment among investors should help to buoy digital assets after months of negativity and risk-off behaviour.
