Bitcoin climbed above $78,000 levels on Wednesday, buoyed by U.S. President Donald Trump's extension of a ceasefire with Iran, while institutional demand also boosted sentiment.
The world's largest cryptocurrency last traded 2.7% higher at $78,018.4 by 02:49 ET (06:49 GMT), after rising to as high as $78,430.4 in the last 24 hours.
Bitcoin was set for its third straight day of gains.
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Trump announces Iran ceasefire extension U.S. President Trump announced an indefinite extension of a ceasefire with Iran, saying it was partly driven by requests from Pakistani officials seeking more time for peace negotiations in Islamabad.
However, the move remains unilateral, with uncertainty lingering over whether Tehran will formally accept the extension.
Despite the ceasefire, tensions have not fully abated. The U.S. has maintained a naval blockade on Iranian ports, while disruptions around the Strait of Hormuz continue.
Still, financial markets interpreted the development as a near-term de-escalation. Oil prices eased, and the U.S. dollar softened after recent gains.
Analysts say Bitcoin is increasingly trading as a hybrid between a risk asset and a hedge against geopolitical instability, drawing inflows when traditional markets price in both relief and residual uncertainty.
Strategy bought $2.5 bln worth of BTC last week Further supporting prices was renewed institutional demand. Strategy Inc (NASDAQ:MSTR) disclosed a $2.5 billion acquisition of Bitcoin, one of its largest purchases on record.
The company said it bought 34,164 bitcoins during the week ended April 19 at an average price of about $74,395 per token, taking total holdings to roughly 815,000 coins acquired for about $61.6 billion.
The purchase was funded primarily through capital markets activity, with Strategy raising roughly $2.18 billion via sales of its high-yield preferred shares and an additional $366 million through common stock issuance.
These preferred securities, offering yields of around 11.5%, have become a key financing tool, allowing the firm to scale its Bitcoin exposure while attempting to limit dilution from equity issuance.
Crypto price today: altcoins rise, Ethereum up 3% Most altcoins also traded higher on Wednesday, but gains were limited.
World no.2 crypto Ethereum rose 3.2% to $2,391.53.
World no. 3 crypto XRP advanced 1.3% to $1.46.
Solana, Cardano, and Polygon climbed 2.5% each.
Among meme tokens, Dogecoin rose 2.3%.
