Bitcoin climbed with broad risk assets after the United States and Iran said they had reached a peace agreement and would reopen the Strait of Hormuz. BTC rose 2% over 24 hours to $65,700, its highest level since the sharp sell-off at the start of June. At the same time, WTI crude dropped nearly 5% to below $81 a barrel, marking a roughly two-month low. Nasdaq 100 futures gained 1.5%, while S&P 500 futures added 0.9%.
The two countries announced on the 14th that they had agreed to end hostilities, with a formal signing ceremony scheduled for Friday in Switzerland. For markets, the immediate effect was on energy risk pricing. The Strait of Hormuz remains one of the world’s most important oil transit routes, carrying about 17 million barrels per day. Reopening expectations quickly pushed crude lower.
Falling oil prices fed into the crypto move
As crude retreated, inflation expectations also eased. That shift lifted equity futures and added support to crypto. The source described the market sequence in direct terms: lower geopolitical supply risk in the Middle East led to weaker oil prices, softer inflation pressure, and a wider path for potential Federal Reserve rate cuts. Bitcoin and other risk assets moved up on that repricing. On-chain activity also picked up. Chain data cited in the report showed Bitcoin transaction volume increased 8% over the past 24 hours.
The price action suggests traders were not looking only at crude. They were also repricing macro conditions tied to inflation and liquidity. With Bitcoin back at $65,700 and oil under $81, the market response spread across commodities, equities, and digital assets in a short window.
Friday’s signing ceremony is the next key event
Attention now shifts to the formal signing in Switzerland on Friday. If the agreement holds, the report said the Strait of Hormuz could return to full traffic within one to two weeks. Under that scenario, crude could slide toward the $75 range.
For Bitcoin, the near-term focus is whether it can hold above $65,700. The source pointed to $67,000, the June 10 resistance level, as the next level to watch if the rally continues. If the deal runs into trouble or oil rebounds, Bitcoin could revisit support around $64,500. For now, the same macro driver is shaping all three markets: expectations tied to the reopening of the Strait of Hormuz.