The price of Bitcoin climbed to an 11-week high Wednesday after President Donald Trump said he would extend a U.S. cease-fire with Iran, lifting market sentiment.

The world's largest cryptocurrency was up 2.3% to $77,855, reaching a 24-hour high of $78,259, according to CoinDesk. Ethereum, meanwhile, rose 3% and popular altcoin XRP advanced 0.9%.

Trump said the U.S. would maintain a blockade of the Strait of Hormuz until Iran's leaders present "a unified proposal" to end the war, The Wall Street Journal reported. The lack of traffic running through the vital waterway is causing volatility across markets.

Despite the lingering uncertainty around peace talks, investors shifted into risk assets. The S&P 500 and Nasdaq futures indexes were both up by 0.6% and 0.8%, respectively, early Wednesday.

"Trump's cease-fire extension has led to some recovery in markets overnight," said Deutsche Bank strategist Jim Reid. Few corners of the market have captured the rebound as clearly as cryptos.

Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

source: https://www.tradingview.com/news/DJN_DN20260422001940:0/