Bitcoin Climbs to $78,400, an 11-Week High, After Trump Extends the US-Iran Ceasefire

Bitcoin hit its highest price since early February after President Trump announced an open-ended extension of the US-Iran ceasefire at the request of Pakistani mediators, keeping hostilities on pause.

Bitcoin rose as much as 3.6% to $78,400 on April 22, its highest price since February 3, after President Donald Trump extended the US-Iran ceasefire that had been set to expire on the day. Ether gained as much as 3.8% in the same session, with broader crypto and equity markets moving higher as investors interpreted the extension as a signal that the risk of an immediate return to hostilities had receded.

Trump announced the extension in a Truth Social post on April 21, saying the US would hold off further military action at the request of Pakistani mediators, including Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, to allow Iran’s leadership time to submit a unified proposal.

This story is an excerpt from the Unchained Daily newsletter.

Trump wrote that he directed the US Military to continue the Blockade and remain ready and able, indicating the US naval blockade of Iranian ports near the Strait of Hormuz would remain in place even during the extended truce.

The ceasefire extension was framed as open-ended, tied to the submission and conclusion of negotiations rather than a fixed date. An advisor to the speaker of Iran’s parliament called Trump’s extension “a ploy to buy time.”

The announcement came after reports that a planned second round of peace talks in Pakistan between Vice President JD Vance and Iranian officials had been put on hold, following Iranian signals that Tehran was not ready to attend. Iranian state media reported that officials had described the talks as being “aimed at surrender.”

Bitcoin has been trading as a direct proxy for Middle East geopolitical sentiment since the US-Iran war began in late February. The asset hit a prior two-month high of $78,155 on April 17 after Iran briefly declared the Strait of Hormuz fully open, before giving back some of those gains as talks stalled. With the ceasefire now extended but still fragile, and the naval blockade ongoing, further price moves in either direction remain closely tied to the pace and tone of the next round of negotiations.