Trump's extension of Iran ceasefire triggers cryptocurrency market, Bitcoin soared nearly 3% breaking through $78,000.

Due to Trump's extension of the Iran ceasefire agreement, Bitcoin soared all the way, reaching its highest level since last Friday when the token touched a two-month high of $78,344. As of press time, Bitcoin has risen by 2.89% to $78,022. Other cryptocurrencies have also risen in sync, with Ethereum rising by 3.5% at one point. Paul Howard, senior director of market maker Wincent, said: "The short-term trend of Bitcoin still highly depends on the development of the macroeconomy and geopolitical situation. In the absence of clear external catalysts, traders are focusing on position layouts in low volatility environments, tending to see the $72,000 region as a key support area, while potential resistance near $79,000 and profit-taking pressures in that area will limit the upside." S&P 500 index futures contracts also rose by over 0.5%, while Brent crude oil slightly declined, fluctuating around $98 per barrel. Bitcoin has outperformed many assets, including traditional safe-haven asset gold, in this conflict with Iran. Since February 27, gold has fallen by about 10%, while Bitcoin has risen by over 15% during the same period. Caroline Moron, co-founder of Orbit Markets, said: "In the past few weeks, the sentiment in the cryptocurrency market has been bullish, often ignoring bearish news and climbing on bullish news. The $75,000 mark should provide strong support, and once a clear breakthrough of $80,000 is made, significant upside space will be opened." Since the outbreak of the conflict at the end of February, Bitcoin has been mainly trading in the range of $65,000 to $75,000. This sideways pattern has brought some relief to the months-long decline - the token has dropped by about 40% from its high of $126,000 in October last year, when a fierce sell-off triggered a spiral decline in the cryptocurrency market. In recent weeks, US-listed spot Bitcoin exchange-traded funds (ETFs) have seen inflows of funds again. After investors poured a net $996.4 million into these funds last week, 13 funds have recorded net inflows of over $250 million so far this week.