The world’s largest cryptocurrency also benefited from a slowdown in outflows from spot exchange-traded funds, although ETFs still recorded their fifth consecutive week of outflows, according to investing.com.
Bitcoin rose 2.3% to $65,842 as of 10:11 a.m. Chisinau time.
The U.S. and Iran announced a peace agreement, boosting risk appetite
On Sunday, the U.S. and Iran confirmed that they had agreed on a memorandum of understanding to end the war. The signing of the agreement is scheduled for Friday.
The agreement provides for an immediate cessation of hostilities, as well as the opening of the Strait of Hormuz within 30 days.
The US and Iran will open a dialogue on Iran’s nuclear ambitions and discuss the unfreezing of Iranian assets held abroad.
The announcement of the deal has boosted optimism regarding the end of the war with Iran and its impact on the global economy. Risk assets surged on the back of the agreement: stocks and futures on U.S. indices rose during Asian trading.
Outflows from Bitcoin ETFs have slowed but continue for the fifth consecutive week
Institutional outflows from spot ETFs slowed somewhat last week, but ETFs still recorded their fifth consecutive week of outflows.
Capital outflows from spot ETFs totaled $315.8 million last week—significantly less than the more than $1 billion in outflows seen over the previous four weeks.
The ongoing outflow from ETFs is significantly limiting a substantial recovery for Bitcoin, after the cryptocurrency fell to yearly lows over the past month.
Pressure on crypto markets was also driven by a massive shift of funds into shares of artificial intelligence companies: investors favored assets with more transparent fundamentals.
Crypto Market Today: Altcoins Are Rising
On Monday, most cryptocurrencies posted gains, though the increases remained limited following sharp declines in recent weeks.
Ether rose 2.3% to $1,717.60, while XRP gained 2.9%.
Cardano and Solana each rose by more than 4%, while BNB gained 1%.
Among meme coins, Dogecoin rose 1.1%, while $TRUMP fell 2.5%.
