On Tuesday evening, cryptocurrency markets received a significant uplift following an announcement by U.S. President Donald Trump regarding a two-week ceasefire in Iran.
Bitcoin (BTC), which was recently valued at $71,640.51, surged to approximately $72,700 from its previous trading range of around $71,800. Ether (ETH) also saw gains, currently priced at $2,250 after registering a 6% increase over the past day.
Despite this overnight rally, the crypto market remains within the same trading band it has occupied since early February. For Bitcoin to confirm a breakout, prices must exceed $75,000; however, any downturn could lead to a drop back to approximately $65,000.
Market participants are watching with caution as they await the outcome of the two-week ceasefire period to determine if diplomatic negotiations will continue or if hostilities will resume.
Concurrently, oil markets reacted negatively, with Brent crude prices falling sharply. Currently, it trades at $94 per barrel, a significant decrease from its peak of $114 earlier on Tuesday.