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Bitcoin reached $72.7K, its highest level since March 18..The action came after US President Trump announced a two-week cease-fire with Iran, contingent on the Strait of Hormuz being reopened. Latest price action showed gains are probably only temporary, though, as it hasn’t yet broken out of a two-month-long rangebound channel.

Iran accepted the proposal, and Mojtaba Khamenei, the nation’s new Supreme Leader, approved it. While oil prices have plummeted, with WTI and Brent crude falling about 15% to $96 per barrel, Asian stock markets, cryptocurrency, and precious metals have all surged, somewhat reducing inflationary pressures.

The high-stakes 48-hour deadline that US President Donald Trump imposed on Iran turned into a two-week ceasefire with the immediate reopening of the Strait of Hormuz under military control, giving the larger cryptocurrency market an overnight boost. On Friday, more talks to complete the peace agreement will start in Islamabad, Pakistan. As previously reported by FXStreet, an Iranian official claims that the 10-point plan includes reopening the Strait of Hormuz under Iranian military supervision.

However, talks with the US do not signify the end of the war, and the final details of the plan will determine its outcome. The market’s bearish wipeout is reflected in the $596 million total market liquidations over the past 24 hours, which were led by $430 million in short liquidations, according to CoinGlass.

Cryptocurrency prices may rise if inflation declines sufficiently and the Fed chooses to reduce interest rates. Crypto markets may rise even if the Fed doesn’t lower interest rates and employment and growth continue to show signs of a robust economy. According to Santiment’s social sentiment data, “the crowd is optimistic that this news is the catalyst for this conflict reaching its conclusion.