Bitcoin ticks up above $71k as de-escalation hopes lift risk assets

 Bitcoin ticked up slightly on Wednesday, holding above the $71,000 level as risk assets caught a bid on Middle East de-escalation hopes despite Iran rejecting a proposed U.S. ceasefire. 

The world’s largest cryptocurrency last traded 1.1% higher at $71,129.8 by 18:03 ET (22:03 GMT).

Bitcoin fell below $70,000 earlier in the week, when escalating conflict triggered a broad risk-off move and weighed on digital assets.

U.S. says talks happening, Iran refutes

President Donald Trump on Tuesday said Washington was “in negotiations right now” with Iran, adding that Tehran was “talking sense” and appeared open to a peace deal.

Reports that Washington had presented Iran with a 15-point proposal to end the conflict further supported hopes of de-escalation.’

The Wall Street Journal overnight said that Iran was setting a high bar in terms of demands for any ceasefire discussions, including wanting the closure of all American bases in the Gulf and the establishment of fee collection from ships traversing the strait

The Fars News Agency on Wednesday morning reported that Iran does not accept the ceasefire. Fars added that Iran wanted a full end to the war, not just a ceasefire.

Later, Iran’s Press TV said the country would not allow the U.S. to dictate the timing of the end of the war, citing a senior political official. The state-owned agency said the official outlined five demands from Tehran’s side, including an end to all attacks and international recognition and guarantees on Iran’s right to exercise authority over the Strait of Hormuz.

Axios later reported that the U.S. had yet to receive any official message from Iran rejecting the ceasefire proposal, citing a U.S. official.

Iran’s Foreign Minister Abbas Araghchi said there were no talks with the U.S., Reuters reported. The minister added that the U.S. was sending messages through different mediators, but that such an exchange "does not mean negotiation."

Oil prices slipped on Wednesday amid the de-escalation hopes, reversing some of their recent surge as traders priced in the possibility of easing supply risks in the region. Lower crude prices helped support broader risk appetite.

Bitcoin has increasingly moved in tandem with global risk sentiment, reacting to shifts in geopolitical tensions and energy markets. Earlier losses coincided with a spike in oil prices. Despite the volatile backdrop, Bitcoin has shown resilience around the $70,000 threshold. Analysts pointed to continued institutional interest and improving liquidity conditions as factors supporting prices.

Britain caps overseas political donations, bans crypto contributions

Britain will limit the amount overseas donors can contribute to political parties and ban cryptocurrency donations, following an independent review into foreign financial influence in politics, a move that could weigh on Nigel Farage’s Reform U.K. party.

The review was commissioned after a former Reform UK politician was jailed last year for accepting bribes to deliver pro-Russia speeches and statements.

Reform UK had previously said it would accept donations in bitcoin, becoming the first British party to do so. At least two-thirds of its funding last year came from overseas donors. Led by Farage, a close ally of U.S. President Donald Trump, the party is currently leading the governing Labour Party in opinion polls and raised more money than its rivals over the past year.