In a noteworthy development, Bitcoin achieved an 11-week peak above $78,000 on Wednesday morning, coinciding with President Trump’s announcement to indefinitely extend the ceasefire with Iran. This decision overturned his previous statement that the ceasefire would conclude by Wednesday. Citing Tehran’s ‘seriously fractured’ government, Trump indicated that the extension is in effect until a unified proposal from Iranian leadership aims to end hostilities. These remarks followed Iran’s refusal to partake in subsequent talks in Islamabad and delayed plans for Vice President Vance’s visit to Pakistan.
Financial markets responded swiftly as BTC rose by about 2.2% over 24 hours, marking a 5% weekly increase by Wednesday morning. This surge led to the liquidation of approximately $240 million in leveraged shorts against BTC. Concurrently, ETH appreciated by 3%, reaching $2,390 amid strong ETF inflows amounting to $43M. Stock futures also opened on a positive note.
On-chain indicators suggested a constructive shift for the first time in months. Bitcoin’s Net Unrealized Profit/Loss metric turned positive after a hiatus since early January, suggesting an end to the bearish trend. Furthermore, large-scale accumulators have been amassing at the quickest pace observed since July 2025, signaling growing momentum for crypto’s flagship asset.
Kevin Warsh faced scrutiny during his Senate Banking Committee hearing on Tuesday as Trump’s nominee for Federal Reserve Chair. The discussions focused on his views regarding interest rates with Trump, broader monetary policies, and his financial disclosures, which include investments in Solana, Polymarket, Tenderly, among other crypto and DeFi funds. This announcement led to a decline in crypto stocks, with COIN dropping 6% and HOOD by 4.5%, while BTC edged toward $75K.
However, Matt Mena from 21Shares suggested that the negative market reaction might be short-lived. Warsh has consistently advocated for lower interest rates based on outdated data and is considered the most crypto-friendly Fed Chair nominee ever due to his perspective of bitcoin as ‘the new gold for people under 40.’ Analysts speculate that if he eases rates in H2 2026, it could propel BTC towards $100K.
Coinbase’s Independent Advisory Board released a quantum risk report on Tuesday highlighting concerns more critical than BIP-361. The report suggests proof-of-stake (PoS) chains like Ethereum and Solana are particularly vulnerable to quantum computing threats due to their reliance on cryptographic signatures for consensus, unlike Bitcoin which primarily faces risks from exposed wallet public keys. A powerful quantum computer using Shor’s algorithm could potentially compromise these signature schemes.
According to Coinbase’s board, PoS’s core consensus mechanism itself might need redesigning to counteract the quantum threat. Although current technology cannot achieve this, the ‘harvest now, decrypt later’ strategy underscores an urgent need for preemptive planning.
Kalshi announced its plan to launch perpetual futures across various assets on Tuesday, followed shortly by Polymarket’s similar announcement. Both companies launched what appears to be synchronized initiatives—codenamed ‘Timeless’—with Kalshi going live in New York on April 27, featuring BTC perpetuals backed by USD collateral. Their move comes as other platforms like CME and Hyperliquid also venture into prediction markets.
In a peculiar development tied to maritime activities, Greek firm MARISKSwarned of scams involving Bitcoin demands for passage through the Strait of Hormuz. Fraudulent communications impersonating Iranian authorities targeted stranded ships west of the strait, demanding BTC or USDT under the guise of ‘transit clearance.’ At least one vessel reportedly fell victim to this scam before being attacked during transit. This incident mirrors a genuine proposal from Iran in March regarding Bitcoin/USDT tolls per barrel.