As concerns over the Iran-ABD conflict diminish, risk appetite recovers, and Bitcoin tests its highest level in three weeks.

According to The New York Times, Iranian operatives have engaged in talks with the CIA to end the conflict. U.S. President Trump’s proposal to escort tankers passing through the Strait of Hormuz also supported risk assets.

Saxo Bank analysts noted that cryptocurrencies are sensitive to geopolitical developments and macroeconomic sentiment driven by risk appetite.

Bitcoin rose to $71,883, up 5.6%, reaching a three-week high, and is currently around $71,004, up 4.3% according to the dollar. Ether increased by 6% to $2,086, approaching a one-week high. Currently, it stands at $2,050.50, up 4.15% from yesterday.

FxPro analyst Alex Kuptsikevich said, "This is a victory for cryptocurrencies, as financial markets and gold experienced sharp sell-offs the day before. Some investors may see crypto as a safe haven."

Experts emphasize that the crypto markets are still fragile and that Bitcoin is trading about 40% below its October peak. 10x Research, the overly concentrated short position #CryptoMarketBouncesBack #DeepCreationCamp