Bitcoin edged higher on Wednesday, staying above $71,000 as improving risk sentiment—driven by hopes of easing Middle East tensions—supported markets, even as Iran pushed back against a proposed U.S. ceasefire.
The leading cryptocurrency rose about 1.1% to $71,129.8 by late trading, recovering after briefly slipping below $70,000 earlier in the week when escalating conflict triggered a broader risk-off move.
Mixed signals from Washington and Tehran kept uncertainty elevated. President Donald Trump said the U.S. was in active discussions with Iran and suggested progress toward a deal, while reports pointed to a 15-point U.S. proposal aimed at ending the conflict. However, Iranian officials denied any formal negotiations, rejecting the ceasefire idea and instead calling for a complete end to the war, alongside conditions such as halting all attacks and securing recognition of its authority over the Strait of Hormuz.
Despite these contradictions, optimism over potential de-escalation weighed on oil prices, easing supply concerns and helping lift overall risk appetite—factors that have increasingly influenced Bitcoin’s price movements. The cryptocurrency’s earlier decline coincided with a surge in crude, highlighting its sensitivity to geopolitical and energy market shifts.
Even amid volatility, Bitcoin has shown resilience around the $70,000 mark, supported by ongoing institutional demand and improving liquidity.
In the U.K., the government announced new political funding rules, including caps on overseas donations and a ban on cryptocurrency contributions until proper regulations are in place—a move that could impact parties like Reform U.K., which had previously embraced bitcoin donations.
Elsewhere in crypto markets, most altcoins traded higher. Ethereum rose 1% to $2,166.45, XRP added 0.2%, while Solana and Cardano gained between 1.1% and 1.7%. Dogecoin also climbed 1.5%.
Sources: Anuron Mitra
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