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Bitcoin hits three-week high, oil drops as US–Iran ceasefire eases market fears
Markets shifted sharply after Iran signaled a temporary de-escalation by announcing a two-week “safe passage” through the Strait of Hormuz.
US President Donald Trump said he agreed to the proposed two-week ceasefire on the condition that shipping traffic continues through the Strait of Hormuz. Iran indicated it would accept the pause if attacks cease, Foreign Minister Abbas Araghchi said.
The agreement followed rising tensions, with Trump previously warning of serious consequences if no deal was reached. Pakistan, acting as mediator, invited both sides to further talks in Islamabad.
“Provided that the Islamic Republic of Iran agrees to the full, immediate, and safe reopening of the Strait of Hormuz, I agree to suspend bombings and attacks on Iran for a period of two weeks. This will be a bilateral ceasefire,” President Trump said via Truth Social.
Oil hit hard
Oil prices reacted first and most strongly. Oil fell nearly 23% in less than 12 hours, dropping from around $116 to nearly $91. This marks one of the sharpest one-day declines in recent years.
The reason was simple: if the Strait of Hormuz remains open, the risk to global oil supply drops sharply. Traders who had priced in disruptions rushed to unwind positions, rapidly pushing prices lower.
Bitcoin leads the risk rally
Crypto markets did not wait. Bitcoin rose by about $4,700 in just eight hours, climbing from $68,000 to above $72,000. This move wiped out around $400 million in short positions as bearish bets were forced to close.
The world’s largest cryptocurrency rose 5–7% to $72,738 — a three-week high. Overall, the crypto market added nearly $150 billion in a single day.
Stocks join the move
Stock futures followed the same pattern:
- Nasdaq futures rose more than 3%
- S&P 500 futures rose about 2%
- Dow futures climbed nearly 2.2%
Not everyone is convinced
With Bitcoin testing the top of its range after a roughly 7% news-driven rally, analysts now look for a confirmed daily close above resistance. A breakout could open the path to $76,000.
However, analysts warn that such news-driven pumps tend to fade quickly, while the unfilled CME gap at $67,100 below current prices supports a bearish case. The next 24–48 hours are seen as a critical decision window.
See also: "Bitcoin rose to nearly $72,000 amid a US–Iran ceasefire"
