Bitcoin rose to its highest level in 12 weeks, approaching the $80,000 mark, as risk appetite in global markets improved following reports of a new Iranian proposal to the United States aimed at reopening the Strait of Hormuz and easing the war on Iran.
اضافة اعلان
The world’s largest cryptocurrency climbed by as much as 1.6% to reach $79,488 during trading, marking its highest level since January 31, the last time Bitcoin traded above $80,000.
Bitcoin was later traded at $77,941, with a market capitalization of $1.56 trillion, while Ethereum recorded $2,323.7, up 0.36%, with a market capitalization of $280.35 billion, according to data from CoinMarketCap.
Among the top four cryptocurrencies by market value:
Tether remained close to one US dollar, with a market capitalization of $189.78 billion.
XRP was traded at $1.41, with a market capitalization of $87.42 billion.
The total market capitalization of cryptocurrencies reached $2.64 trillion, with a daily trading volume of $113.83 billion.
The rise came after a report by Axios stated that Iran had submitted a new proposal to the United States, through Pakistani mediators, to reopen the Strait of Hormuz and end the war, while postponing nuclear negotiations to a later stage.
Associated Press also reported that the Iranian proposal includes ending restrictions on the strait in exchange for ending the U.S. blockade on Iran, while Washington remains cautious due to disagreements over the nuclear issue.
Cautious Rise
Cryptocurrencies benefited from a relative decline in investor concerns following these diplomatic developments. Bitcoin typically moves alongside high-risk assets when market sentiment improves. The rise also coincided with gains in Asian stocks and a partial pullback in oil prices that had surged due to the strait’s closure.
However, the $80,000 level remains an important psychological and technical barrier. Analysts believe that many new buyers are approaching their break-even point around this level, which could encourage some of them to sell and exit their positions.
According to Bloomberg, Bitcoin has gradually returned toward the $80,000 level in recent sessions, supported by short-covering and improved institutional demand.
Short covering means that traders who had previously bet on falling prices are forced to buy the asset or close their contracts when prices move against their expectations, creating additional demand and supporting further gains.
Bitcoin has risen by around 16% since the beginning of April, heading toward its first monthly gain of more than 10% since May 2025, according to Bloomberg.
Institutional Demand
The rally is also supported by improved inflows into Bitcoin exchange-traded funds (ETFs) in the United States. Bloomberg reported that net inflows into these funds reached around $2.5 billion in April, putting them on track to potentially double the total inflows recorded in March.
Bitcoin ETFs allow investors exposure to Bitcoin’s price without directly buying or storing the cryptocurrency, making them a key channel for institutional money entering the crypto market, according to CoinMarketCap’s explanation of these funds.
