NEW YORK: Bitcoin surged to $71,430 on Wednesday, its highest level in weeks, as investors cheered a fragile U.S.-Iran ceasefire brokered by Pakistan — a diplomatic breakthrough that eased fears of a wider Middle East conflict and sent risk assets soaring.
The rally followed President Donald Trump’s announcement of a two-week pause in U.S. airstrikes, crediting Pakistani Prime Minister Shehbaz Sharif and Army Chief Asim Munir for facilitating talks set for April 10 in Islamabad. The move triggered a broad-based market rebound, with Bitcoin climbing from $68,700 late Tuesday.
“Crypto is acting like a high-beta asset here — it’s reacting to geopolitical risk relief faster than equities,” said Mike McGlone, senior strategist at Bloomberg Intelligence. “Oil volatility is down, and that’s a tailwind for digital assets.” Trading volumes topped $33 billion in 24 hours.
Before the announcement, Bitcoin had already edged up to $69,000 amid speculation of a deal — a jump from $68,000 during peak Iran tensions. Pakistan’s 10-point proposal, including pledges to secure the Strait of Hormuz, helped calm energy markets and buoyed investor sentiment.
Iran’s Foreign Minister Abbas Araghchi confirmed Tehran would suspend retaliatory actions if U.S. strikes halt — a condition that, if met, could pave the way for broader de-escalation.
U.S. equity futures rose 1.2%, reinforcing the link between geopolitical calm and risk-on momentum across asset classes.
