Cryptocurrencies rose during Tuesday’s trading, supported by gains in high-risk assets amid optimism about a potential agreement between the United States and Iran to end ongoing tensions, which threaten global energy and fertilizer supplies through the Strait of Hormuz.
Bitcoin increased by 1.61% to $74.543K at 11:03 a.m. Mecca time, after earlier touching $74.945K—its highest level since March 17—before trimming some of its gains.
Ethereum also climbed 5.51% to $2,378.42, while Ripple rose by about 1.53% to $1.3682.
Damian Loh, Chief Investment Officer at Eriksenz Capital, noted that Bitcoin generally moves in line with high-risk assets, according to Bloomberg.
He added that the market views Trump’s extension of the deadline to reach an agreement positively, along with reports suggesting he is seeking another round of negotiations, despite the ongoing U.S. naval blockade.
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