Bitcoin broke through $72,000 for the first time in 20 days. In the first hour after the announcement, BTC climbed 2.6% to $72,339. The trigger was an unexpected two-week ceasefire between the US and Iran, which reopened the Strait of Hormuz and sent oil tumbling below $100.
What Both Sides Agreed
Trump posted on Truth Social: "I agree to suspend the bombing and attack of Iran for a period of two weeks." The post came hours before his deadline. Iran had to reopen the Strait of Hormuz or face strikes on key infrastructure.
Iran's Supreme National Security Council confirmed the ceasefire. Foreign Minister Abbas Araghchi said that if attacks stop, Iranian forces will halt 'defensive operations.' Safe passage through the Strait of Hormuz would be available for two weeks, coordinated with Iranian armed forces.
Numbers of the Day
Ethereum also jumped 8.4% on the day. Solana and most top-10 assets moved in sync.
Bitcoin Had Been Waiting 20 Days
BTC last traded above $72,000 on March 18. Analyst Michael van de Poppe had described the setup as a market squeeze. Price was being rejected at $70,000 but forming higher lows - the last one at $66,500. Direction was still unclear.
The Crypto Fear & Greed Index hit 11 on Tuesday. That's the 'extreme fear' zone, the lowest level on the scale. Three Polymarket traders had bet on a ceasefire when odds were just 2.9% to 10.3%. Lookonchain noted that all three wallets placed their first bets within 26 hours of the announcement. Lucky timing or an informational edge? Markets are already counting profits.
Iran's Hashrate Dropped 77%
Bitcoin mining in Iran ground to near a halt during the fighting. The country's hashrate fell 77% over the quarter. Part of the decline came from low BTC prices making mining unprofitable, not just the conflict. Output became uneconomical. The ceasefire gives operations a chance to recover - if the deal holds.
A Conditional Deal and What Comes Next
On Monday, Trump had warned: "A whole civilization will die tonight." On April 1, he said the campaign could wrap up in weeks after nuclear objectives were met. The agreement runs two weeks. Markets trade what is in front of them.
Morgan Stanley's Bitcoin ETF began trading the same day, one of the biggest traditional-bank debuts in crypto. Veteran trader Peter Brandt and others remain skeptical about a new BTC all-time high in 2026. At Kurslog, we track live rates around the clock. As long as Bitcoin holds above $72,000, the bull case gets harder to dismiss.
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