Bitcoin jumps to $78,000 as Trump extends Iran ceasefire


What happened: Bitcoin (BTC-USD) gained more than 2% on Wednesday to top $78,000 per token, its highest level in more than 10 weeks.

Why the token is moving: The push higher came after President Trump extended a ceasefire with Iran and gave no new deadline. Investors interpreted the extension as a near-term deescalation in the Middle East conflict.

Read more: Is bitcoin’s price volatility an investing opportunity?

What else you need to know: Bitcoin has outperformed other assets, including gold (GC=F), since the outbreak of the Iran war on Feb. 28. The token has gained more than 18% during the conflict, while gold has declined roughly 8%.

“Bitcoin is increasingly behaving as a hybrid asset, drawing inflows during periods of easing tensions and as a hedge during geopolitical uncertainty,” said David Morrison, a senior market analyst at Trade Nation.

Traders are watching $80,000 as the next significant technical resistance level.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

Click here for in-depth analysis of the latest stock market news and events moving stock prices

Read the latest financial and business news from Yahoo Finance





Source link

  • Related Posts

    One Elon Musk superpower to remember on Tesla earnings day

    When Tesla (TSLA) reports first quarter earnings after the close of trading on Wednesday, you will likely hear the familiar voice of billionaire CEO Elon Musk on the earnings call.…

    The FDA considers easing limits on peptides use

    The FDA considers easing limits on peptides use Source link

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Condos at Kingston Pen? Feds mull major housing development at notorious prison site

    Condos at Kingston Pen? Feds mull major housing development at notorious prison site

    The Download: introducing the 10 Things That Matter in AI Right Now

    The Download: introducing the 10 Things That Matter in AI Right Now

    Prime Minister Carney welcomes the appointment of Annette Ryan as Canada’s new Parliamentary Budget Officer

    Prime Minister Carney welcomes the appointment of Annette Ryan as Canada’s new Parliamentary Budget Officer

    One Elon Musk superpower to remember on Tesla earnings day

    One Elon Musk superpower to remember on Tesla earnings day

    May Day Strong: US workers encouraged to join protest against Trump | May Day

    May Day Strong: US workers encouraged to join protest against Trump | May Day

    WATCH: Baby elephant makes debut on Earth Day

    WATCH:  Baby elephant makes debut on Earth Day