President Donald Trump announced on June 7 that the United States and Iran are “very close” to reaching a deal. The timing could not be more dramatic: Iran had just fired ballistic missiles at Israel, shattering an April ceasefire and sending risk assets into a tailspin.
Bitcoin dropped roughly 7% during the initial wave of panic, with approximately $350 million in positions liquidated in a single day. Then, as news of the potential US-Iran agreement spread, it bounced back with gains of up to 5%, briefly touching around $64,000 during the session.
What happened between the US, Iran, and Israel
Iran’s ballistic missile strikes on June 7 marked the first direct military exchange between Iran and Israel since a ceasefire was brokered in April 2026. That earlier truce, negotiated by the US alongside regional players including Hezbollah, was supposed to cap a prolonged period of escalation.
Trump responded by demanding that both nations cease hostilities immediately. He framed the moment as an opportunity, stating the US-Iran negotiations were nearing completion on terms that could include stricter nuclear regulations and an end to hostilities.
