Bitcoin pushed above $67,000 on Monday, its highest level in roughly two weeks, after President Trump said the US-Iran deal was "complete" and that he had authorized reopening the Strait of Hormuz.
The largest cryptocurrency traded around $67,170, up 4.9% over 24 hours, touching an intraday high over $67,200, per CoinGecko. The move tracked a broad risk-on rally, with the S&P 500 rising about 1.5% and Treasury yields falling as war-risk premia unwound. Roughly $150 million in crypto short positions were liquidated as the price advanced, per Coinglass data, squeezing traders who were positioned for further downside.
Trump declared the agreement done in a Truth Social post, writing that he "fully authorized the toll-free opening of the Strait of Hormuz" and ordered "the immediate removal of the United States Naval blockade." He added: "Ships of the World, start your engines. Let the oil flow!" CNBC and Bloomberg reported that the US and Iran had reached terms to end nearly four months of war, with both sides agreeing to halt military operations.
The terms center on the waterway and on sanctions. A draft memorandum has the US lifting oil sanctions in exchange for Iran committing to reopen the Strait of Hormuz within 30 days, according to Bloomberg. Trump also said ships, "many loaded up with Oil," were already starting to move out of the strait.
