The world’s largest cryptocurrency rose 0.1 percent on Friday and was quoted at $73,577.8 by 12:25 p.m. Chisinau time on May 30.
Bitcoin had fallen to levels around $72,500 in the previous session and was heading for a weekly drop of 4%. It was also on track for a monthly decline of 4%.
The U.S. and Iran are reportedly close to extending the ceasefire
Investor sentiment improved following reports that Washington and Tehran have agreed in principle to extend a 60-day ceasefire and ease restrictions on shipping through the Strait of Hormuz, although the proposal is still awaiting final approval from U.S. President Donald.
The easing of tensions in the Middle East boosted global equities and pressured oil prices lower, encouraging traders to re-invest in riskier assets, including cryptocurrencies.
Bitcoin came under pressure in the previous session after new U.S. military strikes on Iran-linked targets sparked inflows into traditional safe haven assets.
Market participants also analyzed U.S. inflation data released on Thursday, which reinforced expectations that the Federal Reserve may keep interest rates on hold for longer.
The personal consumption price index, the Federal Reserve’s preferred measure of inflation, rose 3.8% year-on-year in April, marking the fastest pace in about three years.
