Bitcoin climbed alongside equities after U.S. President Donald Trump said the United States would delay strikes on Iranian energy facilities and infrastructure for five days. The original cryptocurrency advanced more than 5% to trade as high as $71,794 in New York before paring some the gain. Bitcoin had earlier on Monday been fluctuating around a two-week low, sliding as far as $67,371 — its lowest level since March 9.
Bitcoin has traded roughly between $60,000 and $70,000 over the past month. Smaller tokens, including Ether and Solana, also rose.
Analysts on Laser Digital’s derivatives trading desk said a potential catalyst to stabilize the markets would be some de-escalation in the Middle East, or at minimum a resumption of normal traffic through the Strait of Hormuz. They added that this could set off a chain of oil price stabilization, followed by rates consolidation and improved risk sentiment; minus this, crypto markets are likely to stay heavy.
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