Bitcoin surges above $78k amid ceasefire extension and liquidity boost

Key takeaways

• Bitcoin price rallies higher, trading above $78,000 on Wednesday after surging nearly 6% so far this week.
• US-listed spot ETF recorded a mild inflow of $11.84 million on Tuesday amid uncertainty over US-Iran peace talks.

Bitcoin (BTC) extended its gains on Wednesday, trading above $78,000 after a significant 6% surge this week. BTC showed relatively muted institutional demand on Tuesday, with Bitcoin spot Exchange Traded Funds (ETFs) adding $11 million in inflows.

Bitcoin’s price was buoyed by both geopolitical developments and the US Treasury’s buyback plan, which could inject additional liquidity into markets and further support Bitcoin’s price momentum.

Ceasefire extension pushes BTC’s price higher

Bitcoin’s positive momentum was fueled by the extension of the two-week ceasefire announced by US President Donald Trump late Tuesday. The ceasefire, which was set to expire on April 22, was extended upon Pakistan’s request until Washington receives a unified proposal from Tehran. 

While Trump emphasized that the US blockade of Iranian seap...