Bitcoin Nears $80,000 as Middle East Tensions Ease

Bitcoin was closing in on $80,000 on expectations that geopolitical risks in the Middle East may ease.

Bitcoin was trading at $79,201 as of 8 a.m. on the 4th, up 0.44% from a day earlier, according to CoinMarketCap.

The cryptocurrency had fallen as low as the $66,000 range amid a war between the United States and Iran, but has moved within a roughly $78,000 band over the past week.

The latest gains appeared to reflect rising hopes for reduced tensions. Iran recently delivered a new ceasefire proposal to the United States through mediator Pakistan. The United States was reported to have sent its response via Pakistan.

Some in the market expect the current trend to continue for now, while noting that because April’s rise was driven largely by futures trading, a price correction could emerge over the coming months.

Major altcoins also edged higher. Ethereum, the No. 2 token by market value, rose 0.88% to $2,344. Ripple (XRP), ranked third, gained 0.29% to $1.39. Solana added 0.43% to $84.

In South Korea, bitcoin was trading at 117.17 million won (about $79,334) on the won-based exchange Bithumb at the same time, up 0.47% from a day earlier. The so-called “kimchi premium,” in which domestic prices trade above overseas levels, stood at about 0.49%.