Bitcoin surged past $78,000 after US President Donald Trump said Iran had agreed to halt its nuclear programme and reopen the Strait of Hormuz.
The rally pushed the total crypto market capitalisation above $2.7 trillion, marking a multi-month high as easing geopolitical tensions boosted risk appetite.
Trump said Iran would “suspend its nuclear program indefinitely,” while both sides also agreed to cooperate on removing mines and advancing a broader peace deal.
The de-escalation follows nearly seven weeks of conflict in the Middle East, with progress on reopening key shipping routes and ongoing negotiations expected to continue over the weekend.
Bitcoin climbed rapidly from around $77,000 to a peak of $78,400, its highest level since early February, as traders reacted to the shift in macro sentiment.
The move triggered broader gains across altcoins and increased liquidations, reflecting a sharp repositioning in crypto markets.
Oil prices moved in the opposite direction, with US crude falling 12% to below $80, highlighting how easing geopolitical risk is reshaping global markets.
At the time of reporting, Bitcoin price was $77,242.09.