Oil Craters, Bitcoin Rockets: BTC Blasts Past $72K as Iran Ceasefire Squeezes the Shorts

Bitcoin and U.S. stock futures decided Tuesday evening that they, unlike your relationship with your ex, were ready to move on. Oil prices, meanwhile, took a nosedive after President Donald Trump announced a two-week ceasefire between the U.S. and Iran via Truth Social—the man's preferred method of international diplomacy, apparently.

BTC climbed to $72,699, up 5% in 24 hours, according to CoinDesk data. The CoinDesk 20 Index surged 5% to 2,034 points. S&P 500 futures climbed 1.9%, Nasdaq futures popped 2.2%, and Dow Jones futures jumped roughly 1.8%. To quote every crypto trader watching their portfolio right now: "We back, baby."

West Texas Intermediate (WTI) crude collapsed more than 10% to $95, with Brent oil following suit faster than a degen chasing a fresh airdrop. The risk-on action followed a two-week suspension of planned bombing operations against Iran—because apparently, nothing unites markets like the temporary absence of potential nuclear conflict.

Trump wrote on Truth Social just before his 8 p.m. ET deadline: "I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East." Nothing says "I come in peace" quite like posting it in all caps at 8 PM on a platform your opponents think is a meme.

Iran confirmed the ceasefire, stating that if attacks are halted, its armed forces will cease defensive operations. The country added that tankers could safely transit the Strait of Hormuz for two weeks through coordination with Iranian military forces, though "technical limitations" were noted. Because of course there were "technical limitations." You just don't get to casually un-rickroll global oil shipping