What to know : Bitcoin jumped to $72,700, with broader crypto and U.S. stock futures rallying after former President Donald Trump announced a two-week cease-fire with Iran. Oil prices tumbled more than 10%, with West Texas Intermediate crude falling to about $95 a barrel as the cease-fire eased fears over disruptions in Middle East energy supplies. The surge in bitcoin triggered nearly $600 million in leveraged crypto futures liquidations, mostly from short sellers, signaling a powerful short squeeze and reinforcing bullish momentum.
Bitcoin and U.S. stock futures surged Tuesday evening while oil prices collapsed after President Donald Trump confirmed a two-week ceasefire between Iran and the U.S. via Truth Social.
BTC, the leading cryptocurrency by market value, rose to a high of $72,699, up 5% in 24 hours, according to CoinDesk data. The broader market followed suit with the CoinDesk 20 Index jumping 5% to 2,034 points. Futures tied to the S&P 500 climbed 1.9%, while those linked to the tech-heavy Nasdaq popped 2.2%. Dow Jones futures jumped roughly 1.8%.
Meanwhile, the per-barrel price of West Texas Intermediate (WTI) crude collapsed more than 10% to $95 alongside a similar decline in Brent oil.
The risk-on action followed a two-week suspension of a planned widespread bombing campaign against Iran.
"I agree to suspend the bombing and attack of Iran for a period of two weeks," Trump wrote in a post to Truth Social Tuesday evening, just before his 8 p.m. ET deadline.
"This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East."
Iran confirmed the ceasefire, saying that t “if attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations.” It added that oil tankers could safely transit the Strait of Hormuz for two weeks via coordination with Iran’s armed forces and with due consideration to technical limitations.
"Iran also confirms a two-week ceasefire. But the reopening of the Strait of Hormuz is somewhat muddled, with a warning of “technical limitations” and the need of “coordination” with the Iranian military. Still, it re-opens the flow of oil and LNG," Javier Bias, Bloomberg's opinion columnist covering energy and commodities, said on X.
For over a month, uncertainty tied to the Iran war kept risk assets under pressure. While bitcoin mostly traded choppy, its upside was persistently capped by the resulting oil rally, and inflation fears while spurring traders to seek bearish positioning in futures market.
The the latest upswing in prices has seen exchanges liquidate nearly $600 million in leveraged crypto futures positions. Of that amount, over $400 million came from bearish short bets.
This implies strong bullish momentum and a squeeze against short‑sellers, reinforcing upward pressure on the price as traders scram to cover their losing positions.
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