Bitcoin edged higher as reports of a potential one-month ceasefire in the Iran conflict lifted market sentiment and reduced geopolitical risk.
The cryptocurrency rose about 1% to reclaim the $70,000 level after trading near $69,000 earlier, while oil prices dropped sharply on the news.
Brent crude fell more than 4%, slipping from around $104 to below $100 within minutes of the report, signalling easing supply concerns.
The proposed ceasefire, reported by Israeli Channel 12, is said to be part of negotiations involving U.S. envoys and includes commitments related to Iran’s nuclear programme.
The shift in sentiment also lifted U.S. stock index futures, reflecting broader risk-on positioning across global markets.
The move highlights Bitcoin’s sensitivity to macro developments, particularly geopolitical tensions and energy price fluctuations.
While the gains were modest, the reaction underscores how quickly crypto markets respond to changes in global risk outlook.
At the time of reporting, Bitcoin price was $70,822.67.