Bitcoin climbed above $78,000 on Wednesday, supported by President Donald Trump’s extension of the Iran ceasefire and stronger institutional buying, lifting overall market sentiment.
The leading cryptocurrency was last up 2.7% at $78,018.4 around 02:49 ET (06:49 GMT), after touching a 24-hour high of $78,430.4. It was also on track for a third consecutive day of gains.
Trump announces an extension of the ceasefire with Iran
U.S. President Donald Trump announced an open-ended extension of the Iran ceasefire, noting the decision was partly influenced by requests from Pakistani officials seeking additional time for peace talks in Islamabad.
The extension remains unilateral, however, leaving uncertainty over whether Tehran will formally agree.
While the ceasefire is in place, tensions persist. The U.S. continues its naval blockade of Iranian ports, and disruptions in the Strait of Hormuz have yet to fully subside.
Even so, markets viewed the move as a sign of near-term de-escalation. Oil prices declined, and the U.S. dollar weakened after recent gains.
Analysts note that Bitcoin is increasingly behaving as both a risk asset and a hedge against geopolitical tensions, attracting inflows as investors balance easing risks with ongoing uncertainty.
Strategy snapped up roughly $2.5 billion worth of Bitcoin last week, marking one of its largest purchases to date.
Strategy snapped up $2.5 billion in Bitcoin last week, reinforcing market momentum amid a fresh wave of institutional demand.
The firm, Strategy Inc (NASDAQ:MSTR), revealed it purchased 34,164 BTC in the week ending April 19 at an average price of roughly $74,395 per coin. This brings its total holdings to around 815,000 bitcoins, acquired at a cumulative cost of approximately $61.6 billion—marking one of the largest buys in its history.
To finance the acquisition, Strategy leaned heavily on capital markets, raising about $2.18 billion through the sale of high-yield preferred shares and another $366 million via common stock issuance. These preferred instruments, offering yields near 11.5%, have become a central funding mechanism, enabling the company to expand its Bitcoin position while aiming to minimize shareholder dilution.
In the broader crypto market, most altcoins also moved higher on Wednesday, though gains remained modest. Ethereum, the second-largest cryptocurrency, climbed 3.2% to $2,391.53, while XRP added 1.3% to $1.46. Solana, Cardano, and Polygon each rose around 2.5%, and Dogecoin gained 2.3% among meme tokens.
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