Bitcoin surges toward 79K, Trump extends the ceasefire deal, and optimistic earnings lift U.S. stocks to fresh record highs

The S&P and the Nasdaq closed yesterday at historic highs (4/23), as U.S. President Trump extended the U.S.-Iran ceasefire agreement, and optimistic earnings reports also boosted market sentiment. Crypto’s 24-hour gain reached 3.04%, and the Fear & Greed Index has already rebounded to the 62 “Greed” range. Bitcoin (BTC) rose to a high of $79,472, setting the highest price since January 31. Ether (ETH) also climbed above $2,400.

Trump extends the ceasefire agreement, lifting optimism from earnings reports

Trump announced on Truth Social that he would “indefinitely” extend the ceasefire with Iran, but clearly stated that he will maintain the U.S. military’s blockade of the Strait of Hormuz. He said the main reason for this decision was direct pleas from senior officials in the Pakistani government, including Army Chief of Staff Asim Munir and Prime Minister Shehbaz Sharif, both of whom personally called. At the same time, he believed that “the Iranian government is currently seriously fractured,” and that providing a window for diplomacy would help find a more stable outcome.

Although geopolitical risk still exists, overall risk appetite and sentiment were boosted by strong earnings from U.S. companies. Boeing’s stock price jumped significantly due to impressive first-quarter delivery numbers. Tesla’s earnings beat expectations, and its stock price rose at one point late in the trading session. Texas Instruments also gave strong guidance for results for the current quarter.

Bitcoin surged to $79K at one point, with more than $400 million liquidated across the entire market

Cryptocurrencies are rising in sync with the stock market, with a 24-hour gain of 3.04%, and the Fear & Greed Index has already rebounded to the 62 “Greed” range. Bitcoin is up 4%, reaching a high of $79,472, setting the highest price since January 31, while Ether also stands above $2,400.

A wave of Bitcoin short liquidations caused the price to rapidly surge to $79K, lifting the entire market. According to coinglass data, in the past 24 hours, as much as $421 million worth of positions were liquidated, with Bitcoin accounting for the bulk at $214 million. If Bitcoin can hold above the $78.1K true market average, it will confirm the strength of a breakout.

Since the outbreak of the war at the end of February, Bitcoin’s price has mainly fluctuated between $65K and $75K. Through long-term consolidation, it has attempted to ease the downward trend of the past several months. Previously, Bitcoin’s price had fallen by about 40% from last October’s $126K peak, when the sell-off spiral drove the crypto market into a downward spiral.

Orbit Markets co-founder Caroline Mauron said:

“The $75K level should become a solid support level. If it can be effectively broken through $80,000, there’s hope that more upside space will be released.”

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