Bitcoin surged by 3% to $69,120, marking its highest level in over a week and squeezing $196 million in short positions over the past 24 hours. The rally was driven by a report that the U.S., Iran, and a group of regional mediators are discussing a potential 45-day ceasefire that could lead to a permanent end to the six-week-old conflict. Other major tokens included Ether with a 3.7% gain to $2,130, SOL with a 2.2% rise, XRP with a rise of 2.3%, and dogecoin with 1.7%. The total crypto market cap rose above $2.5 trillion. The move came after Santiment data showed social media sentiment had hit its most bearish skew since the war.