Bitcoin surged back above $69,000 on Monday as reports emerged that the United States and Iran are discussing a potential 45-day ceasefire agreement. The leading cryptocurrency led a broad rally across digital assets, with short liquidations outpacing long positions by nearly three-to-one over the past 12 hours.

The renewed optimism in crypto markets mirrors gains in traditional risk assets, as investors welcomed the possibility of de-escalation in the Middle East. Ethereum climbed 4.78% to $2,136, while XRP advanced 3.47% to $1.35.

Analysts note that Bitcoin’s correlation with global central bank easing has turned strongly negative since 2024, suggesting the cryptocurrency now leads rather than lags monetary policy signals. This shift is largely attributed to the massive inflows into spot Bitcoin ETFs, which have fundamentally changed how institutional investors access the asset.

“Bitcoin is front-running the Fed rather than reacting to it,” noted one market strategist. “The ETF infrastructure has created a new dynamic where crypto responds to geopolitical developments much like traditional safe-haven assets.”

However, not all analysts share the bullish outlook. Bloomberg’s Mike McGlone warned that Bitcoin could still plunge to $10,000 unless prices reclaim the $75,000 level. He pointed to persistent macroeconomic headwinds and potential regulatory challenges as ongoing risks.

Gold prices, meanwhile, experienced downward pressure as investors rotated back into risk assets. The precious metal fell amid the improving sentiment, though it remains up significantly for the year as investors continue to seek portfolio diversification.