President Donald Trump announced on May 29 that he will convene a meeting in the White House Situation Room on Friday to make a final call on a tentative deal with Iran. The proposed agreement would extend an existing ceasefire by 60 days, reopen the Strait of Hormuz to shipping, and restart negotiations over Iran’s nuclear program.
For crypto investors, this isn’t just foreign policy theater. The total crypto market cap has swung by roughly $75 billion in response to updates from these negotiations, and Bitcoin recorded 3% price moves in the preceding week alone.
What’s actually on the table
The deal under consideration has three main components. First, an extension of the ceasefire that was originally established in April 2026, buying both sides another 60 days of relative calm. Second, the immediate reopening of the Strait of Hormuz, a chokepoint through which roughly a fifth of the world’s oil passes daily. Third, a return to formal discussions about Iran’s nuclear program, with stringent inspection provisions baked into the framework.
Trump described his assessment of the deal’s chances as “50/50.” The core sticking points center on sanctions relief and uranium enrichment limits. Iran has signaled that meaningful concessions from Washington on sanctions are a prerequisite for any agreement. Trump has maintained a hardline position requiring Iran to commit that it will never pursue nuclear weapons and to guarantee the Strait of Hormuz reopens immediately.
