On April 8th, after the White House announced that the United States and Iran had reached a ceasefire agreement, Bitcoin, Ethereum, and the broader cryptocurrency market experienced significant gains on Tuesday evening.

According to data from The Block cryptocurrency price page, as of 9:05 PM Eastern Time on Tuesday, Bitcoin was trading at approximately $71,695, up 4.3% over the past 24 hours. Earlier in the day, the cryptocurrency briefly surged above $72,700, reaching its highest point since March 18th.

Ethereum rose 6% on the same day, priced at $2,238. XRP increased 3.5% to $1.37, and Solana gained 6.5% to $84.81. Data from The Block shows that the entire cryptocurrency market increased by 3.95% over the past 24 hours.

This price rally coincided with President Donald Trump announcing that the US and Iran had reached a two-week "mutual ceasefire" agreement. Trump previously warned that if Iran did not reopen the Strait of Hormuz by Tuesday, it would "completely destroy" Iran’s power plants and bridges.

In a statement, Trump wrote: "The reason for reaching the ceasefire is that we have achieved and surpassed all military objectives, and we have made significant progress toward a long-term peace agreement with Iran. We received a 10-point proposal from Iran, which we believe is a feasible basis for negotiations."

Trump also released an official statement from Iran, stating that Iran would ensure the safe passage through the Strait of Hormuz. The closure of this globally critical oil route has previously caused sharp fluctuations in crude oil prices and disrupted global supply chains.