A 45-day ceasefire plan and Strategy’s $330M Bitcoin purchase buoyed crypto markets.
Crypto markets rallied on Monday as mediators submitted a 45-day ceasefire plan to the U.S. and Iran, while Michael Saylor’s Strategy resumed buying BTC after a weeklong pause.
Bitcoin is trading at around $69,700, up 3.7% over the past 24 hours. ETH surged 4% to $2,150, while SOL climbed 2.5% to $82. Meanwhile, XRP added 3%.
Total crypto market capitalization rose 2.6% to $2.45 trillion, according to CoinGecko.
The broad-based rally came after Reuters reported that Egyptian, Pakistani, and Turkish mediators submitted a proposal to the U.S. and Iran calling for a 45-day ceasefire and the reopening of the Strait of Hormuz, the vital shipping lane that carries about a fifth of the world’s oil and has been effectively closed since the war began on Feb. 28.
President Donald Trump called the proposal “significant” but “not good enough” at a White House Easter event on Monday. He has set a Tuesday 8 p.m. ET deadline for Iran to reopen the Strait or face strikes on its power plants and bridges.
Iran rejected the temporary ceasefire, with state news agency IRNA reporting that Tehran sent a 10-point response through Pakistan demanding a permanent end to the war, a safe-passage protocol for the Strait, and the lifting of sanctions.
Despite the uncertain diplomatic backdrop, crypto markets responded to the mere existence of a framework for de-escalation, a dynamic that has repeatedly played out since the conflict began.
The rally triggered $331 million in leveraged liquidations over 24 hours, affecting more than 83,000 traders, according to CoinGlass. Short positions accounted for roughly $268 million of the losses in the past 12 hours, adding fuel to the move higher.
Strategy Buys $330 Million of Bitcoin
Michael Saylor’s Strategy disclosed in a securities filing Monday that it purchased roughly $330 million worth of Bitcoin between April 1 and April 5. The buy lifted the firm’s total holdings to 766,970 BTC at an aggregate cost of about $58 billion and an average price of roughly $75,644.
The purchase followed a one-week pause during which Strategy made no purchases or share sales. Strategy also disclosed a $14.5 billion unrealized loss for the first quarter as Bitcoin’s decline from its October all-time high pushed its holdings below the firm’s average cost basis. MSTR shares rose roughly 5% in early Monday trading.
Meanwhile, BitMine Immersion bought another 71,252 ETH in the past week, its largest single-week purchase since December.
Looking Ahead
The immediate catalyst is Trump’s Tuesday evening deadline. A deal or even a credible extension would likely boost risk assets further, while an escalation could reverse today’s gains.
Meanwhile, the Fed is widely expected to hold rates steady at its April 29 meeting, with CME FedWatch showing a 99.5% probability of no change.
