Bitcoin rebounds above $65,000
What's the story
Bitcoin (BTC), the world's largest cryptocurrency by market cap, has surged past the $65,000 mark. The price is up by some 1.2% in the last 24 hours. The rise comes after a temporary ceasefire between the United States and Iran over the weekend, which has eased geopolitical tensions and pushed oil prices down by 5%.
Market performance
Most altcoins also witnessing upward trend
The positive market sentiment isn't just limited to Bitcoin. Ethereum (ETH) has jumped by over 3% to nearly $1,950.
Other top 10 tokens such as Solana (SOL) and XRP have also seen gains of between 1% and 2%.
This broad-based rally shows that investors are optimistic about the current market conditions.
The currency markets are also showing risk-on trends with the Australian dollar and euro strengthening against the US dollar.
Diplomatic developments
US-Iran ceasefire holds for 2 consecutive days
The US and Iran have now halted military strikes against each other for two days in a row. This could pave the way for a potential diplomatic breakthrough.
The war, which started in late February, had entered a fragile ceasefire in June but quickly fell apart.
Iran has reportedly agreed to continue its pause on airstrikes as long as the US reciprocates, signaling the start of another peace process.