Bitcoin jumps above $71,000 after Donald Trump delays Iran strikes by five days

Bitcoin and the broader crypto market rallied early Monday after Donald Trump announced a five-day delay in planned strikes on Iran’s power infrastructure, temporarily easing fears of further escalation in the Iran war.

In a post on Truth Social, Trump said the U.S. and Iran had engaged in “very good and productive conversations” aimed at resolving tensions in the Middle East. The announcement initially sparked a risk-on move across markets.

However, the optimism proved short-lived. Iran’s Fars news agency later denied that any such talks had taken place, according to reports, injecting fresh uncertainty and causing markets to pull back.

Crypto rally fades

Bitcoin, which had dropped below $68,000 overnight, surged above $71,000 during early U.S. trading hours before retreating toward $70,000 following the conflicting reports.

Altcoins followed a similar pattern. Ethereum, Dogecoin, Solana and Chainlink each gained as much as 5% over 24 hours before surrendering part of those gains as sentiment turned cautious again.

Macro markets react

Traditional markets also saw sharp moves. Gold recovered most of its earlier losses and was down just 1% on the day, trading near $4,440 per ounce.

Meanwhile, the US Dollar Index slipped to 99.3, while global bond yields declined. The U.S. 10-year Treasury yield fell to around 4.3%, reflecting a shift toward safer assets.

Oil markets experienced significant volatility. West Texas Intermediate (WTI) crude dropped 11% to below $88 per barrel, while Brent crude fell roughly 8% to around $100. On Hyperliquid, tokenized Brent crude futures saw more than $62 million in liquidations, with the vast majority coming from long positions.

Crypto stocks and derivatives

Crypto-related equities moved higher alongside digital assets. Shares of Galaxy Digital rose about 2% in pre-market trading, while Coinbase and IREN gained similar amounts. MicroStrategy climbed more than 3%.

Despite the initial rally, derivatives markets suggest traders remain cautious. On Deribit, bitcoin put options continue to trade at an 8–10 volatility point premium over calls through the end of June, indicating persistent demand for downside protection. A similar pattern is visible in ether options.

Cautious outlook

The muted reaction in options markets suggests traders are skeptical of the latest rebound, viewing it as a temporary relief rather than a sustained shift in sentiment.

With geopolitical uncertainty still elevated and recent volatility in oil markets posing risks to the broader economy, market participants appear to be bracing for further turbulence despite the short-term bounce.