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Bitcoin climbs to 4-week high of $74,945
Bitcoin rose to its highest level in four weeks as risk assets rallied on hopes that the US can strike a deal with Iran to end their conflict.
The largest cryptocurrency climbed as much as 2.4% to $74,945, its highest since March 17, before paring gains to trade around $74,400. Smaller tokens also advanced, with Ether up 5.5% to over $2,370.
The moves followed President Donald Trump’s claim that Iran had reached out to his administration for potential peace talks, even as the US began a naval blockade of the Strait of Hormuz.
The largest cryptocurrency climbed as much as 2.4% to $74,945, its highest since March 17, before paring gains to trade around $74,400. Smaller tokens also advanced, with Ether up 5.5% to over $2,370.
The moves followed President Donald Trump’s claim that Iran had reached out to his administration for potential peace talks, even as the US began a naval blockade of the Strait of Hormuz.
Asian stocks also climbed on optimism that a deal would help ease oil prices and boost economic growth.
Since its crash from an all-time high of $126,000 in October, Bitcoin has been trading in a tight range for the past two months.
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However, the token has fared better than many traditional assets since the US war with Iran started at the end of February. It is up more than 10% since Feb. 27, while gold has fallen nearly 10%. The S&P 500 index is roughly flat for the same period.
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