Bitcoin rose above $69,000 on Monday after reports that Iran and the US had agreed to a ceasefire plan that could open the Strait of Hormuz as early as Monday, boosting risk appetite.
The world's largest cryptocurrency was trading 3.4% higher at $69,065.9 by 11:38 a.m. (07:38 GMT).
The US and Iran have reportedly agreed to a ceasefire plan.
According to a Reuters report on Monday, Iran and the US have agreed to a ceasefire plan that could take effect immediately and open the Strait of Hormuz, citing a source familiar with the proposals.
The plan, prepared by Pakistan and shared with both sides overnight, outlines a two-tiered process that includes an immediate ceasefire followed by negotiations on a broader settlement.
The report states that all elements of the proposal must be agreed upon by Monday.
Axios previously reported that Washington, Tehran, and regional mediators are discussing a possible 45-day ceasefire as part of a two-stage deal that could lead to a permanent end to the conflict.
The rise occurred even as Donald Trump continues to pressure Tehran, declaring that Iran has until Tuesday evening to restore tanker traffic through the Strait of Hormuz or face attacks on strategic infrastructure.
Trump stated the deadline expires at 8:00 PM ET and warned that Iranian power plants and bridges could become targets if the route remains restricted.
Investors also weighed stronger-than-expected US employment data released on Friday, which bolstered expectations that the Federal Reserve may keep interest rates elevated longer.