Bitcoin tops $72,000 as U.S. futures soar after two-week U.S.–Iran ceasefire announcement

Bitcoin and U.S. equity futures rallied Tuesday evening, while oil prices plunged, after Donald Trump confirmed a two-week ceasefire between the U.S. and Iran in a post on Truth Social.

The leading cryptocurrency rose 5% over the past 24 hours, hitting an intraday high of $72,699. The broader digital asset market moved higher as well, with the CoinDesk 20 Index climbing 5% to 2,034. In traditional markets, futures tied to the S&P 500 advanced 1.9%, while Nasdaq Composite futures gained 2.2%. Dow Jones Industrial Average futures were up about 1.8%.

Crude markets moved in the opposite direction. West Texas Intermediate dropped more than 10% to $95 per barrel, with Brent Crude seeing comparable losses, as the ceasefire eased immediate supply concerns.

The shift toward risk-on sentiment followed Washington’s decision to suspend a planned large-scale military offensive against Iran for two weeks. Trump indicated the pause came after achieving key military objectives and amid progress toward a broader, long-term peace arrangement in the region.

Tehran acknowledged the ceasefire, stating it would halt defensive operations if attacks stopped. It also signaled that oil tankers could resume passage through the Strait of Hormuz during the truce, though subject to coordination with its military and certain technical constraints.

According to Javier Blas, while details around the Strait’s reopening remain somewhat unclear, the agreement effectively restores the flow of oil and LNG in the short term.

For weeks, geopolitical uncertainty tied to the Iran conflict had weighed on risk assets. Bitcoin traded in a choppy range, with upside limited by surging oil prices and inflation concerns, pushing traders toward bearish positions in derivatives markets.

The latest rally has since triggered a wave of liquidations across crypto futures, totaling nearly $600 million. More than $400 million of that came from short positions, highlighting a strong short squeeze that has intensified upward momentum as traders rushed to cover losses.