Analyst: US-Iran ceasefire negotiations drive Bitcoin surge, but long-term upward trend remains uncertain

Golden Finance reported that on April 8, after the White House announced that the United States and Iran had reached a ceasefire agreement, the broader cryptocurrency market—including Bitcoin and Ethereum—rose significantly late Tuesday evening.
According to data from The Block’s cryptocurrency price page, as of 9:05 p.m. Eastern Time on Tuesday, Bitcoin was trading at approximately $71,695, up 4.3% over the prior 24 hours. Earlier that day, the cryptocurrency had at one point risen to more than $72,700, hitting its highest level since March 18.
Ethereum climbed 6% on the day, trading at $2,238. XRP rose 3.5% to $1.37, and Solana rose 6.5% to $84.81. Data from The Block’s price figures show that over the past 24 hours, the entire cryptocurrency market was up 3.95%.
This price surge coincided with U.S. President Donald Trump’s announcement that both sides—U.S. and Iran—had reached a two-week “bilateral ceasefire” agreement. Trump had previously warned that if Iran did not reopen the Strait of Hormuz by Tuesday, it would “completely destroy” Iran’s power plants and bridges.
In a statement, Trump wrote: “The reason for the ceasefire is that we have achieved and exceeded all of our military objectives, and we have made significant progress toward the final agreement for long-term peace with Iran. We received Iran’s 10-point proposal, and we believe it is a viable basis for negotiations.”
Trump also released Iran’s official statement. Iran said it would ensure safe passage through the Strait of Hormuz. The closure of this world’s most important oil passage had led to sharp swings in crude oil prices and disrupted global supply chains.