Bitcoin rallies as Trump halts Iran strikes

Bitcoin surged to a multi-day high of $63,700 while oil prices tumbled below $87 after US President Donald Trump announced that planned military strikes against Iran had been cancelled.

The cryptocurrency rose roughly $1,400 from around $62,300 within a short period as investors responded to the prospect of reduced geopolitical risk in the Middle East.

“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,”

Said US President Donald Trump.

Trump said discussions had been approved by multiple regional stakeholders and added that a permanent agreement was close to being finalised.

The broader crypto market also advanced, with Ethereum nearing $1,700, BNB reclaiming the $600 level and Solana rising 5% to $67.

Oil prices moved sharply lower as traders reduced expectations of potential supply disruptions following the apparent de-escalation in tensions.

Trump said a naval blockade would remain in place until a permanent agreement is reached and described the deal as “pretty much wrapped up” when questioned by reporters.

At the time of reporting, Bitcoin price was $63,338.65.