Bitcoin BTC$71,749.06 climbed to as high as $72,750 following news of a two-week ceasefire between the U.S. and Iran, before easing back to just below $72,000.

The move came alongside a broader risk on rally in pre-market trading for equities, with the Invesco QQQ gaining more than 3.3% and the iShares Expanded Tech Software ETF (IGV) posting similar strength. Gold also moved higher, rising over 2% to $4,800 per ounce.

In contrast, oil markets sold off sharply. WTI crude dropped to $92 before rebounding to $96 per barrel, still down more than 12.5%, while Brent crude is lower by over 7.5% in the past 24 hours.

Volatility has compressed across both traditional and crypto markets. The VIX is down 20%, while the Bitcoin Volmex Implied…