Brent crude dropped 4.7% and Asian equities gained 1.9% after reports that Washington had delivered a ceasefire proposal to Tehran via Pakistan, driving the strongest improvement in sentiment since the conflict began a month ago.
A 15-point peace initiative is now reportedly on the table, with bitcoin (BTC) holding near $71,000 as markets begin to weigh the possibility of a de-escalation in the U.S.-Israel-Iran war.
Oil markets led the move on Wednesday, with Brent falling to $99.55 and slipping below the $100 level for the first time since mid-March. The decline followed reports that the U.S. had drafted a detailed plan to end the Iran conflict. Separate reports from Israeli media suggested Washington is also pushing for a one-month ceasefire. The shift in tone supported global markets, lifting Asian stocks, weakening the dollar, and pointing U.S. and European futures higher.
Bitcoin traded around $71,019, up 0.9% over the past 24 hours, though still down 6.4% for the week. The weekly decline reflects sharp volatility, including last week’s surge to $75,000 followed by a rapid pullback amid escalating headlines and liquidation-driven selling.
More recently, price action has stabilized, with bitcoin holding above the $70,000 mark for a third consecutive day, suggesting a firmer near-term footing.
Analysts view the consolidation as a positive signal. FxPro chief market analyst Alex Kuptsikevich said that even without a fresh breakout, bitcoin’s ability to remain at elevated levels points to sustained confidence among buyers.
Across major altcoins, performance remains mixed. Ether (ETH) rose 1.7% to $2,164 but is still down 9.2% over the past week, making it the weakest performer among large-cap tokens. XRP added 0.2% to $1.42, down 8.5% weekly, while solana climbed 2.5% to $91.69 but remains 3.8% lower on the week. BNB slipped 0.5% to $638, and dogecoin gained 1.7% to $0.094, though both continue to show weekly losses. Tron (TRX) stood out as the only major asset posting gains on both daily and weekly timeframes.
The reported 15-point proposal represents the most concrete diplomatic progress since the war began on February 28. While Donald Trump has publicly encouraged negotiations, details around the framework had remained unclear until now. Early indications suggest the plan includes restrictions on Iran’s nuclear program, though specifics have not been fully disclosed.
Meanwhile, the Strait of Hormuz remains largely constrained, with limited shipping activity continuing through the key energy corridor.
The drop in oil below $100 could help ease inflation pressures that have weighed on global markets in recent weeks. Lower energy prices may also reduce the urgency for further monetary tightening, offering some relief to risk assets.
Bitcoin’s correlation with the S&P 500 remains elevated, though its response to macro developments has been uneven. While bitcoin is roughly unchanged since the conflict began, most major altcoins have declined between 4% and 9% over the past week.
After several weeks of geopolitical shocks, volatility, and liquidation events, the crypto market remains locked in a range, reflecting a balance between cautious optimism and lingering uncertainty.
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