Bitcoin rose above $69,000 on Monday after reports that Iran and the U.S had received a ceasefire framework that could reopen the Strait of Hormuz as early as Monday, improving appetite for risk assets.
The world’s largest cryptocurrency last traded 3.4% higher at $69,065.9 by 03:38 ET (07:38 GMT).
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US, Iran reportedly received a ceasefire plan A Reuters report on Monday said Iran and the United States had received a plan to end hostilities that could take effect immediately and reopen the Strait of Hormuz, citing a source aware of the proposals.
The framework, assembled by Pakistan and exchanged overnight with both sides, outlined a two-tier process involving an immediate ceasefire followed by negotiations toward a broader settlement.
The report said all elements of the proposal needed to be agreed on by Monday.
Axios earlier reported that Washington, Tehran, and regional mediators were discussing a potential 45-day ceasefire as part of a two-phase deal that could lead to a permanent end to the conflict.
The gains came even as Donald Trump maintained pressure on Tehran, saying Iran had until Tuesday evening to restore tanker traffic through the Strait of Hormuz or face attacks on strategic infrastructure.
Trump said the deadline would expire at 8 p.m. Eastern Time and warned that Iranian power plants and bridges could become targets if the route remained restricted.
Investors also assessed stronger-than-expected U.S. payrolls data released on Friday, which reinforced expectations that the Federal Reserve may keep interest rates elevated for longer.
Crypto price today: altcoins climb; Cardano jumps 6% Most altcoins also gained sharply on Monday amid a risk-on mood.
World no.2 crypto Ethereum advanced 4.8% to $2,135.92.
World no. 3 crypto XRP rose 3.4% to $1.34.
Solana and Polygon gained 3% each, while Cardano surged 6%.
Among meme tokens, Dogecoin rose 2%.
