President Trump called off planned military strikes against Iran on June 11, following what both sides describe as a potential breakthrough in negotiations that have been stalled for months. The move sent Bitcoin surging to approximately $74,000 as traders recalibrated their risk appetite in real time.
The emerging framework centers on two things: a 60-day ceasefire extension and the reopening of the Strait of Hormuz, the narrow waterway through which roughly a fifth of the world’s oil passes daily. Trump stated his commitment to preventing Iran from developing nuclear weapons and insisted on unrestricted access to the Strait.
What changed at the negotiating table
Iran’s leadership has reportedly softened its stance, moving away from past demands that had kept talks frozen. Iranian officials had previously labeled US demands as “excessive,” but the current framework suggests both sides are willing to meet somewhere in the middle.
The negotiations, which resumed in early 2026, carry the heavy baggage of years of deteriorating relations. Trump’s 2018 withdrawal from the Joint Comprehensive Plan of Action, the Obama-era nuclear deal, set off a cascade of escalations that included accumulated military posturing and tightening sanctions.
