After roughly 110 days of conflict, the US and Iran have signed a 14-point memorandum of understanding that commits both sides to reopening the Strait of Hormuz and resuming nuclear negotiations. Crypto markets didn’t wait for the ink to dry.
Bitcoin jumped approximately 2% to a two-week high of around $65,844 following the announcement. Total crypto market capitalization swelled by roughly $60 billion.
What the Islamabad Memorandum actually says
The agreement, signed on June 17-18 by President Donald Trump and Iranian President Masoud Pezeshkian, was brokered with Pakistan’s Prime Minister Shehbaz Sharif acting as mediator. The choice of venue gave the deal its name: the Islamabad Memorandum.
The Strait of Hormuz is the chokepoint through which an estimated 12.5 million barrels of oil pass daily.
