Jump around, Bitcoin price jumps past $78k on Iran truce extension, institutional demand

Bitcoin climbed above $78,000 levels on Wednesday, buoyed by U.S. President Donald Trump’s extension of a ceasefire with Iran, while institutional demand also boosted sentiment.

The world’s largest cryptocurrency last traded 2.7% higher at $78,018.4 by 02:49 ET (06:49 GMT), after rising to as high as $78,430.4 in the last 24 hours.

Bitcoin was set for its third straight day of gains.

Trump announces Iran ceasefire extension

U.S. President Trump announced an indefinite extension of a ceasefire with Iran, saying it was partly driven by requests from Pakistani officials seeking more time for peace negotiations in Islamabad.

However, the move remains unilateral, with uncertainty lingering over whether Tehran will formally accept the extension.

Despite the ceasefire, tensions have not fully abated. The U.S. has maintained a naval blockade on Iranian ports, while disruptions around the Strait of Hormuz continue.

Still, financial markets interpreted the development as a near-term de-escalation. Oil prices eased, and the U.S. dollar softened after recent gains.

Analysts say Bitcoin is increasingly trading as a hybrid between a risk asset and a hedge against geopolitical instability, drawing inflows when traditional markets price in both relief and residual uncertainty.