Bitcoin price surpasses $70,000, market weighing possibility of Middle East ceasefire.

On Monday, Bitcoin returned above $70,000 for the first time since March 25, with investors weighing reports of Iran seeking a ceasefire amidst escalating threats by U.S. President Donald Trump, who has pledged to attack Iran's civilian infrastructure. Bitcoin briefly rose more than 3.5%, surpassing $70,200, before giving back some of its gains. By 10:35 am London time, Bitcoin was slightly below $70,000. The second-largest cryptocurrency, Ethereum, rose 5.1% at one point. According to data from CoinGlass, approximately $273 million worth of bearish cryptocurrency bets were closed in the past 24 hours. Trump issued harsher threats on social media on Sunday, stating that Iran would face "hell" if they did not reopen the Strait of Hormuz. Trump suggested that attacks on Iran's power plants could potentially begin as early as Tuesday if the strait remained closed.