Bitcoin Surges Past $65 Million as Geopolitical Tensions Ease
The Bitcoin price has surged past $65 million in the last 24 hours, marking a 1.3% increase. This comes after a weekend where the cryptocurrency was trading around $64,947.
The sharp rise is attributed to the de-escalation of tensions between the US and Iran, which had led to heightened uncertainty in the markets. The easing of geopolitical tensions has seen oil prices drop by 8.1%, with Brent crude now trading at $88.93 per barrel.
The cryptocurrency market as a whole is also benefiting from the improved sentiment, with other top assets such as Ethereum and Solana seeing significant gains. Ethereum has surged 4.4% to reach $1,959, while Solana has increased by 2%.
Meanwhile, news of the Clarity Act's advancement in the US Senate has been welcomed by the market. The proposed legislation aims to regulate the cryptocurrency sector and includes a clause that prohibits high-ranking government officials from promoting or issuing cryptocurrencies.