Bitcoin Touches 12-Week High as Traders Weigh Progress on Iran

Bitcoin touched a 12-week high before retreating slightly as traders digested conflicting signs about the progress of US-Iran talks to end the conflict in the Middle East.

The original cryptocurrency hit $79,488 early Monday in Europe, its highest level since Jan. 31, before giving up gains to trade around $77,000. A report from Axios that Iran had proposed a new deal to reopen the Strait of Hormuz initially boosted investor sentiment, although a rise in oil prices put a damper on risk appetite.