Bitcoin rises past $69,000 as risk markets reverse big early losses on hope for Iran deal

Iran's government is reportedly reviewing Pakistan's request for a two-week ceasefire positively, according to an Axios report.

What to know:

• U.S. stocks and bitcoin rose late Tuesday after reports that Iran and President Trump are reviewing a Pakistani proposal for a two-week cease-fire.
• Bitcoin climbed back above $69,000, moving in tandem with equities on optimism that a cease-fire could ease geopolitical tensions.
• The development followed Trump’s threat Tuesday morning that "a whole civilization will die" — remarks that drew sharp criticism and even impeachment calls from some former political and financial allies.

Risk markets, including bitcoin BTC$69,247.66, staged a late-day rally Tuesday after Axios reported Iran's positive reception to Pakistan's request for a two-week ceasefire.

"The President has been made been aware of the proposal, and a response will come," said White House Press Secretary Karoline Leavit, when asked about the report.

Under heavy pressure earlier in the session, the Nasdaq rallied to close modestly in the green. Crypto followed suit, with bitcoin BTC$69,247.66 climbing to $69,400 after sliding below $68,000 hours prior.

Markets got off on the wrong foot Tuesday after President Trump said "a whole civilization will die," if Iran didn't open the Strait of Hormuz prior to his 8 pm ET deadline. That remark prompted strong criticism from politicians and other figures who had previously supported his campaign and presidency, with some even calling for the impeachment of Trump.

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