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Bitcoin swung sharply in early Monday trading after a proposal from Iran to reopen the Strait of Hormuz and pursue a U.S.-Iran ceasefire. The cryptocurrency briefly surged to nearly $79,500 before retreating to around $77,500.
Bitcoin regained the $79,000 level late Sunday following reports that Iran submitted a proposal to the United States via Pakistani mediators. The proposal reportedly aimed at reopening the Strait of Hormuz, with an extended ceasefire and reopening framed in exchange for a pause in the U.S. naval blockade.
Market data show bitcoin rose from just under $78,000 to a session high of $79,490 within about three hours. It then slipped in the early hours of April 27, falling to $77,500 and erasing the earlier gains.
The selloff wiped out more than $30 billion from bitcoin’s value and pulled its market capitalization back to $1.55 trillion. Coinglass data indicated price volatility above 2.63%, alongside approximately $56.8 million in short liquidations over 12 hours, compared with $38 million in long liquidations.
Several media outlets reported that Iran’s proposal suggested an extended ceasefire and reopening of the strait in return for a pause in the U.S. naval blockade of Iranian ports. Observers said the blockade has constrained a key revenue source, potentially shifting leverage toward Iran.
At the same time, some analysts noted that Tehran’s proposal appears to sidestep the nuclear program—an issue that helped drive earlier U.S. strikes—leaving questions about whether the conflict has a clear off-ramp for Washington.
While Middle East tensions have supported bitcoin’s rise in recent weeks, some analysts interpret the latest price action as evidence the cryptocurrency is exiting a bear market. Michaël van de Poppe, founder of MN Fund, said a breakout above $84,000 and $87,000 would be confirmation that the bear market is over.
Van de Poppe also referenced historical drawdowns, saying that after the prior crash to $60,000, there was only one scenario in which markets hit new lows—during the fourth quarter of 2022 amid the FTX collapse. He acknowledged that a similarly cataclysmic event could occur again, but said that statistically a new all-time high typically follows such a collapse in less than 12 months.
As of 3:30 a.m. EDT on April 27, bitcoin was up approximately 15% since the start of the month. The rally narrowed bitcoin’s year-to-date losses to 11%, down from a peak of more than 20% at the end of March.
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