Bitcoin rose on Tuesday as the risk appetite improved following US President Donald Trump’s ceasefire announcement between Israel and Iran.
Both countries agreed to the ceasefire, although violation accusations soon crept up.
Bitcoin rose 3.2% as of 01:24 GMT to $104,042, but still moved within a tight June range.
Most cryptocurrencies were boosted by the ceasefire announcement, with risk appetite rebounding once more.
Trump announced the full ceasefire, ending a 12-day conflict that led to the displacement of millions of people from Tehran.
Israel agreed to the US proposal, noting it has achieved its goal of destroying Iranian nuclear and missile targets.
US Law Proposal To Ban Official Crypto Investments
Democratic senators proposed a bill that would ban official governments, including US President Donald Trump from investing in cryptocurrencies.
The bill aims at preventing conflict of interest, but it’ll likely be defeated at the Republican-dominated Senate.
Trump has been a strong crypto supporter since taking office, but has faced criticism about potential personal benefits for his wealth due to his crypto investments.
Miners’ Strategic Reserves
Data from CryptoQuant showed the Miners’ bitcoin reserves slipped last week, in a sign of covering losses or rising operational costs.
The Miners’ Position Index surged 55% in the past three days, showing increasing movements in the miners’ wallets, likely outward flows, which shows mounting selling pressures in the market.
