Bitcoin and Ethereum prices hovered at $66,552 and $1,998 on Wednesday following slight crypto market recovery that unfolded amid rising geopolitical tensions and renewed macroeconomic uncertainty. Cryptocurrencies market capitalization was close to 2.36 trillion and consolidation continued. President Donald Trump extended his deadline for Iran regarding the Strait of Hormuz by ten additional days.
He announced the decision on Truth Social, citing ongoing diplomatic discussions with Tehran. Trump stated that talks were progressing well despite conflicting media narratives. He described the temporary pause as a response to a request from Iranian officials. The extension delays potential strikes on Iranian energy infrastructure until April 6, 2026.
The cryptocurrency's second-largest coin, ether, has also breached $2,000, and the broader digital asset market has continued to climb. Total market capitalization was up 1.29% to $2.36 trillion in the last 24 hours. The gain was seen as a macro-driven relief rally on changing geopolitical sentiments.
Bitcoin spot exchange-traded funds were reporting significant inflows towards the end of March, and this saw a revival of interest among investors. According to data on SoSoValue, total net inflows stood at $118 million on March 31, Eastern Time. Two new ETFs that tracked Ethereum spot exchange also drew new capital in the same trading session.
