Global markets swung sharply after Iran rejected a US-led peace proposal, reversing an earlier rally driven by hopes of a ceasefire in the Middle East conflict.
The Trump administration’s 15-point plan, sent on March 24, aimed to end the war through sanctions relief, nuclear limits and guarantees over shipping routes, briefly lifting risk sentiment.
“They’re talking to us, and they’re talking sense,”
Said US President Donald Trump, describing what he characterised as constructive engagement with Iran.
Iran swiftly rejected the proposal, calling it “illogical” and setting conditions including an end to attacks, guarantees against future US action and recognition of its control over the Strait of Hormuz.
Markets initially surged on the proposal, with the Dow rising more than 300 points and Bitcoin briefly reclaiming $72,000 before reversing as ceasefire hopes faded.
Oil prices also dropped on expectations of easing supply disruptions before rebounding, underscoring how sensitive energy markets remain to developments in the conflict.
Bitcoin held near $71,386 while Ethereum traded at $2,176 and XRP at $1.42, reflecting continued volatility as investors react to geopolitical headlines rather than fundamentals.
At the time of reporting, Bitcoin price was $71,289.53.