Bitcoin surges above $72,000 as U.S. stock futures jump on two-week U.S.–Iran ceasefire

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

The world’s largest cryptocurrency climbed to an intraday high of $72,699, marking a 5% gain over the past 24 hours. Broader digital asset markets moved in tandem, with the CoinDesk 20 Index advancing 5% to 2,034. In traditional markets, futures tied to the S&P 500 rose 1.9%, Nasdaq Composite futures gained 2.2%, and Dow Jones Industrial Average futures added about 1.8%.

In contrast, crude markets saw a steep sell-off. West Texas Intermediate tumbled more than 10% to $95 per barrel, while Brent Crude posted a similar decline, reflecting easing geopolitical risk.

The broad risk-on move followed confirmation that Washington would pause a planned large-scale bombing campaign against Iran for two weeks. In his statement, Trump said the suspension reflected progress toward achieving military objectives and advancing discussions around a longer-term peace framework in the Middle East.

Iran acknowledged the ceasefire, stating that its armed forces would halt defensive operations provided attacks ceased. It also indicated that oil tankers could resume passage through the Strait of Hormuz during the truce, albeit subject to coordination with its military and certain technical constraints.

Commenting on the development, Javier Blas noted that while the reopening of the Strait remains somewhat uncertain, the agreement effectively restores the flow of oil and LNG, at least temporarily.

For weeks, escalating tensions surrounding the Iran conflict had weighed on risk assets. Bitcoin, in particular, traded within a volatile range, with gains capped by surging oil prices and renewed inflation concerns, prompting traders to lean into bearish positioning in derivatives markets.

The latest rally has triggered widespread liquidations across crypto futures markets, with nearly $600 million in leveraged positions wiped out. More than $400 million of those liquidations came from short positions, underscoring a powerful short squeeze that has amplified upward momentum as traders rushed to cover losses.