Bitcoin jumped more than 5% following recent ceasefire-related announcements, pushing above $105K.
The diplomatic tightrope
The 2026 Iran war, which kicked off in February, has involved US and Israeli military operations targeting Iran’s nuclear and military infrastructure. Multiple countries, including Pakistan, Qatar, China, and Russia, have stepped in as mediators at various points.
On June 17, Trump signed a 14-point memorandum of understanding with Iranian President Masoud Pezeshkian. The deal centers on three pillars: a 60-day ceasefire, reopening the Strait of Hormuz for international shipping, and lifting the US naval blockade on Iranian ports.
Roughly a fifth of global petroleum passes through the Strait of Hormuz. When it closes, energy markets panic, and that panic ripples into every asset class, including digital ones.