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Bitcoin surged more than 5% on Tuesday evening, climbing above $72,500 after President Donald Trump said on Truth Social that the US would suspend bombing Iran for two weeks if Tehran agrees to the complete, immediate, and safe reopening of the Strait of Hormuz. The move lifted broader risk sentiment across crypto and global markets.
The rally pushed bitcoin to about $72,433, its highest intraday level of the session, while ether jumped nearly 8% to $2,261 and solana rose about 8.5% to $86.62. XRP also moved higher, trading around $1.39.
The broader market reaction was just as sharp. Reuters reported that US crude futures fell $12.04 to $100.90 a barrel after Trump’s announcement, while S&P 500 futures leapt about 1.6%. MarketWatch reported S&P 500 futures up about 1.8% and Nasdaq 100 futures up about 2% shortly after the post.
Trump said the pause followed conversations with Pakistan Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, and described the proposal as a double sided ceasefire. Reuters said the arrangement is contingent on Iran reopening the Strait of Hormuz and comes after Pakistan mediated a two week truce proposal.
The move marks a sharp reversal from earlier in the day, when markets were still bracing for a possible escalation. Reuters reported before the announcement that investors were counting down to Trump’s latest deadline for Iran to reopen the strait, with oil volatile and global markets on edge.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
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