Bitcoin climbs as Trump grants five days for Iran negotiations

Bitcoin rose alongside equities while oil prices fell after U.S. President Donald Trump said the U.S. had begun talks with Iran, raising hopes for a deal to ease the conflict.

The original cryptocurrency advanced more than 5% to trade as high as $71,794 in New York before paring some of the gain. Smaller tokens including Ether and Solana also rose. 

Bitcoin had earlier on Monday been fluctuating around a two-week low, sliding as far as $67,371 — its lowest level since March 9. The token has been volatile since the conflict in Iran began in late February, at one point jumping to a high of nearly $76,000 before tumbling once more as tensions in the region escalated.

“Currently, the situation in the crypto market does not appear as severe as it did at the end of February, when sentiment was at the same level,” said Alex Kuptsikevich, chief market analyst at FxPro. 

Bitcoin initially climbed after the U.S. president said he would delay strikes on Iranian energy facilities and infrastructure for five days. Risk assets rallied more broadly, with the S&P 500 gaining 1.5%, while Treasury yields and the dollar declined as traders pared back some of their more hawkish Fe...