U.S. President Trump has agreed to a ceasefire, contingent on Iran reopening the Strait of Hormuz.

JUST IN: Bitcoin climbed back above $71,000 after President Trump agreed to a ceasefire with Iran.

UPDATE: A miner-linked wallet that had been inactive for two years sold 265.19 BTC valued at $18.06 million, according to Lookonchain.

Bitcoin rallied above $71,000.

Bitcoin climbed back above $70,000 as traders appeared to price in the possibility of a ceasefire or an extension being announced later tonight. Oil prices fell, while $BTC, gold and equities moved higher.

Coinbase is preparing to expand in Australia after obtaining a financial services licence, with plans to roll out equity trading and payment services in the market.

Brent crude fell sharply to roughly $102 per barrel after reports indicated the United States and Iran may be close to reaching a breakthrough diplomatic agreement.

Brent crude fell more than 5% after media reports said the United States and Iran are nearing an agreement.

Trump"s ultimatum to Iran is due to expire at 8 p.m. ET on Tuesday, leaving roughly two hours remaining. Under the terms he has outlined, Iran must open the Strait of Hormuz or risk U.S. strikes targeting power plants, bridges and energy infrastructure. Trump said an additional extension is "highly unlikely," adding that Iran has "had plenty of time." The deadline has been pushed back multiple times since March 23. Diplomatic efforts continue behind the scenes. U.S., Arab and Pakistani officials are still in contact with both sides, a regional official told the Associated Press. Iran"s ambassador to Pakistan said discussions are at a "critical, sensitive" stage.