Bitcoin and the broader crypto market jumped sharply on Tuesday night after the White House revealed a two-week ceasefire deal between the United States and Iran.
The apex cryptocurrency briefly spiked to $72,379—its highest level since March 18—before easing to $71,753 at press time, still up 3.7% for the day.
Ethereum jumped 6.7% to $2,248, while XRP climbed 4.3% to $1.38 and Solana gained 5.1% to $84.57. Overall, the crypto market surged 3.9% over the past 24 hours, according to CoinGecko. The standout performer over the past 24 hours was privacy-focused Zcash, which exploded by over 23.1%.
The rally came after Washington paused a looming large-scale bombing campaign, agreeing to a two-week ceasefire with Iran.
“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Donald Trump said in a Truth Social post Tuesday evening, just ahead of his 8 p.m. ET deadline.
 
“The reason for [ceasefire] is that we have already met and exceeded all military objectives, and are very far along with a definitive agreement concerning Long-term PEACE with Iran, and PEACE in the Middle East,” Trump postulated. “We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate.”
Trump also shared an official statement from Iran indicating it would allow safe passage through the Strait of Hormuz for the next two weeks. The potential closure of the world’s most critical oil chokepoint had previously triggered sharp volatility in crude prices and raised concerns over global supply chain disruptions.
Bitcoin Bulls Eye $80K as Momentum Builds
However, despite the potential resolution of the US-Iran conflict, bulls aren’t completely out of the woods just yet. Bulls are now targeting the critical $80,000 level as the key threshold for Bitcoin to regain bullish momentum after months of lackluster performance.
Andre Dragosch, who leads European research at Bitwise, suggests that a decisive and sustained break above $80,000 could shift the market’s mindset from bearish to bullish.
Meanwhile, popular crypto analyst Fred Krueger is confident that Bitcoin could retake the $80,000 level as early as this week.
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