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.
Crypto assets rallied on the news, with Bitcoin climbing back above $72,500 for the first time since mid March. Ether followed, rising more than 7% to around $2,260, while Solana gained 8% to nearly $87 and XRP rose more than 5% to about $1.40. The biggest winner over the past 24 hours was privacy coin Zcash, which jumped more than 26%.
The announcement also sent oil sharply lower, with prices falling nearly 15% on the day to around $94, roughly in line with late March levels. Equity futures also moved higher, with S&P 500 futures rising nearly 2.3% and Nasdaq futures gaining 2.7%.
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. 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. Investors were counting down to Trump’s latest deadline for Iran to reopen the strait, with oil volatile and global markets on edge.
