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Bitcoin jumped to a one-month high above $74,000 on Tuesday, recouping weekend losses amid improved risk appetite and lower oil prices, which supported broader financial markets.
The world's largest cryptocurrency was trading 4.7% higher at $74,193.7 by 9:58 AM.
The move returned Bitcoin to levels seen in mid-March, the period before the escalation of the conflict with Iran.
Bitcoin Rises Amid Overall Positive Risk Sentiment
The rally followed a broader recovery in global risk assets, with Wall Street posting significant gains on Monday. The S&P 500 rose more than 1%, while the Nasdaq Composite advanced as investors piled into tech stocks amid continued optimism about demand for artificial intelligence. Asian stock markets also rose in early trading on Tuesday.
Cryptocurrency sentiment was bolstered by lower oil prices, which fell below $100 per barrel after recent surges, boosting appetite for riskier assets.
Markets also received some relief from signs that diplomatic channels between the US and Iran remain open, even after weekend talks failed to produce a breakthrough.
Reports indicate that Washington and Tehran are considering a second round of face-to-face talks in the coming days, aimed at extending the fragile ceasefire before it expires.
These reported diplomatic efforts come even as tensions escalate, with the US imposing a naval blockade on Iranian ports and Tehran warning of retaliation.
Short-covering also contributed to the move, as traders unwound bearish positions as prices rose, strengthening the upward momentum. Strategy Acquired 13,927 BTC with Proceeds from Preferred Stock Sale
Strategy Inc (NASDAQ:MSTR) announced Monday that it purchased 13,927 bitcoins for approximately $1.0 billion last week, funded in part by the sale of its preferred stock, according to documents filed with the U.S. Securities and Exchange Commission.
The company said it sold approximately 10.03 million shares of its Series A variable-rate perpetual preferred stock, raising approximately $1.0 billion in net proceeds. The proceeds were used to purchase Bitcoin at an average price of approximately $71,902 per token.
Following the acquisition, Strategy's total assets rose to 780,897 BTC, acquired at an aggregate cost of $59.02 billion, the documents showed. Cryptocurrency Prices Today: Altcoins Jump, Ether Soars 8%
Most altcoins also rose sharply on Tuesday, with the world's second-largest cryptocurrency, Ethereum, jumping 8% to $2,361.92.
The world's third-largest cryptocurrency, XRP, rose 3.6% to $1.36.
Solana gained 1%, while Cardano and Polygon each rose 2%.
Among meme tokens, Dogecoin gained 2%.