Bitcoin’s (BTC) price is up 5% and near $80,000 on April 22 after U.S. President Donald Trump indefinitely extended a ceasefire with Iran.
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The largest cryptocurrency by market capitalization is now trading at its highest level since the start of February amid signs that the crypto winter that began last autumn may now be over. In recent weeks, BTC has struggled to break through resistance it encountered at $75,000.
Bitcoin repeatedly fell after touching $76,000. However, digital assets are rallying alongside stocks after Trump said he is imposing an indefinite ceasefire with Iran and that there are no more peace talks planned at this time.
Other Cryptocurrencies Rally Too
Other leading cryptocurrencies such as Ethereum (ETH) and Dogecoin (DOGE) are also up about 5% on the day as investors pile back into risk assets. Investors hope that the worst is now over for Bitcoin and other cryptocurrencies after a prolonged slump that began last October.
During the downturn, BTC saw its price cut in half, falling from $126,000 to as low as $60,000. Some analysts warn that there remain few catalysts on the near-term horizon for crypto beyond the end of hostilities in the Middle East.
BTC’s Three-Month Performance
The chart below shows that Bitcoin has struggled in recent months and declined 13% in the last 12 weeks as the selloff in cryptocurrencies that began last October has largely continued.
