Bitcoin Surpasses $75,000 Amid Iran Ceasefire Talks and Equity Market Rebound

Bitcoin has reclaimed the $75,000 mark, driven by market expectations of a diplomatic resolution. The cryptocurrency saw a 1.5% gain over 24 hours and a 1.7% increase over the week, following Iran's confirmation of its attendance at a second round of ceasefire talks in Pakistan. Ether rose 1.2% to $2,310, while XRP and BNB climbed 1.3% and 1.5%, respectively. Solana was the only top 10 cryptocurrency to lag, with a 0.9% increase. The MSCI All Country World Index resumed its upward trend, rising 0.1% as Asian equities led the charge, with the regional tech index advancing 2.4%. Brent crude fell 0.7% to $94.81 per barrel, and gold and silver slipped 0.6% and 1%, respectively. Treasuries and the dollar remained relatively stable. With the two-week ceasefire set to expire on Wednesday, markets are closely watching the developments. Bitcoin has trailed equities throughout this cycle, with the MSCI ACWI experiencing an 11-day rally, while bitcoin has slowly rebuilt from below $74,000 to just above $75,000. Funding rates on bitcoin perpetual futures have remained negative for 46 consecutive days, the longest such streak since the FTX collapse in late 2022. Net inflows into spot bitcoin ETFs reached $996.4 million last week, and Ethereum spot ETFs saw $275.8 million in inflows. Research firm Kaiko noted that a break above $76,000 could pave the way for a move towards $85,000. On the mining front, public mining companies sold a record 32,000 BTC in the first quarter, according to TheEnergyMag, surpassing the 20,000 BTC sold after the Terra collapse in Q2 2022. Bitcoin's mining difficulty fell 2.43% to 135.59 trillion, while the network hashrate recovered to 992 EH/s this month. Traders are watching for a potential break above $76,000, which could trigger a short squeeze, or a slide back below $74,000 if the Wednesday deadline expires without a deal. The mining data suggests that production economics remain compressed despite the price recovery, and a sustained rally above $80,000 would need to absorb continued treasury selling from miners.