Bitcoin rallies on report of Iran ceasefire talks, Algorand extends gains

If a ceasefire materializes, a relief rally could further benefit risk assets. For now, traders appear to be treating the headlines with skepticism.

What to know:

Bitcoin neared $70,000 as reports of potential U.S.-Iran ceasefire talks boosted risk appetite and triggered more than $270 million in short liquidations.

Derivatives data show rising open interest and positive funding rates for bitcoin, ether and several major altcoins even as options markets remain cautious.

Algorand’s ALGO token has jumped nearly 50% this month and pushed its market value above $1 billion after a Google Quantum AI paper highlighted its use of the FALCON post-quantum signature scheme as a model for quantum-resistant blockchain security.