Bitcoin hits nearly two-week high

Bitcoin

Cryptocurrencies advanced on Monday, with Bitcoin climbing to its highest level in nearly two weeks as risk appetite returned following Washington and Tehran's agreement on a framework to end their conflict and reopen the Strait of Hormuz.

The gains come after recent market turbulence that pressured the world's largest cryptocurrency by market value, following disclosure by Strategy earlier this month that it had sold a small portion of its Bitcoin holdings.

Easing tensions in the Middle East could further support risk appetite ahead of the Federal Reserve's first policy meeting under Chair Kevin Warsh this week. Any signals pointing to higher interest rates are likely to weigh on cryptocurrency markets.