Bitcoin climbs to four-week high on hopes of US-Iran peace talks

Bitcoin rose to its highest level in four weeks as risk assets rallied on hopes that the US can strike a deal with Iran to end their conflict.

The largest cryptocurrency climbed to $74 901, its highest since March 17, before paring gains to trade around $74 400 at 8:30 a.m. Tuesday in Singapore. Smaller tokens also advanced, with Ether up 5% to $2,370.

The moves followed President Donald Trump’s claim that Iran had reached out to his administration for potential peace talks, even as the US began a naval blockade of the Strait of Hormuz. Asian stocks also climbed on optimism that a deal would help ease oil prices and boost economic growth.

“Bitcoin is following the rally in broader risk assets,” said Damien Loh, chief investment officer at Ericsenz Capital. “Even though a blockade was initiated, the market took it as a positive that Trump effectively extended the time-line to make a deal and that he is reportedly seeking another round of talks.”

Loh added that Bitcoin “continues to trade better than broader risk assets,” but it may not see a significant move higher until the US passes the Clarity Act, a regulatory framework for digital assets.

Since its crash from an all-time high of $126,000 in October, Bitcoin has been trading in a tight range for the past two months. However, the token has fared better than many traditional assets since the US war with Iran started at the end of February. It is up more than 10% since February 27, while gold has fallen nearly 10%. The S&P 500 index is roughly flat for the same period.

Traditionally, Bitcoin has traded more in line with risk assets — a pattern it is following once again.

“Bitcoin has been behaving more like a classic risk asset than a traditional safe haven, and the improvement in overall risk sentiment this month has provided a tailwind for its recent gains,” IG Markets analyst Tony Sycamore wrote in a note. “For a more bullish medium-term outlook to develop, Bitcoin would need to see a sustained break and close above trend-channel resistance at $79,000.”

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