Bitcoin jumped back above $70,000 after reports that a short-term ceasefire between Israel and Iran could be imminent — a development that sent oil tumbling and briefly lifted risk assets across the board.
Israeli Channel 12 reported that a one-month ceasefire is part of a package being negotiated by White House envoys Steve Witkoff and Jared Kushner. According to the report, the deal would also require Iran to dismantle its current nuclear capabilities and pledge to “never seek” nuclear weapons.
The news hit markets within minutes of U.S. markets closing. Brent crude plunged from about $104 to below $100 in a matter of minutes as geopolitical risk appeared to ease. That drop in oil’s risk premium helped push bitcoin, which had been trading down through the day near $69,000, to pop back above $70,000 — briefly trading around $70,695.67. U.S. stock index futures also ticked higher on the headlines.
For crypto traders, the move underscores how macro and geopolitical developments — particularly those that affect energy markets and risk sentiment — can produce sharp, rapid moves in digital-asset prices.
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