- Trump announces US-Iran peace deal reopening Strait of Hormuz and lifting naval blockade on Sunday.
- Bitcoin’s rally triggered over $246 million in short liquidations across crypto markets.
- Oil crashes below $81 per barrel, removing one of crypto’s biggest macro headwinds in 2026.
President Donald Trump announced on Sunday that a deal with the Islamic Republic of Iran is complete, authorizing the immediate reopening of the Strait of Hormuz to international shipping and lifting the US naval blockade. The formal signing is scheduled for June 19 in Switzerland, ending 107 days of conflict.
“Ships of the world, start your engines. Let the oil flow,” Trump posted on Truth Social.
The announcement immediately triggered a broad risk-on response across global markets.
Market Reaction
Bitcoin jumped to $65,600, up 2.19% on the day, reclaiming a level it had struggled to hold through weeks of geopolitical pressure. The broader crypto market cap rose 2.09% to $2.25 trillion. Over $246 million in crypto short positions were liquidated as the price spiked.
Oil prices crashed below $81 per barrel, falling more than 4% as one of the primary inflation drivers of recent months began unwinding. The crypto market showed a 64% correlation with gold during the move, suggesting the rally reflects genuine macro risk reduction rather than isolated crypto enthusiasm.
Other assets joining the recovery included XRP up 3.30% to $1.18, Solana up 3.58% to $71.25, and Hyperliquid surging 7.47% to $64.93. Zcash led the broader market with a 15.24% gain.
The Contradiction Worth Watching
Iranian state media outlet reported that the US agreed to pay $300 billion in reconstruction funds directly to Iran alongside the release of $24 billion in frozen funds as part of the deal. This directly contradicts statements from Trump and Vice President Vance that no funds would be transferred to Iran.
The discrepancy between the two sides’ characterizations of the agreement introduces uncertainty about how durable the deal actually is.
The prospect of restored energy flows and easing geopolitical tensions has improved risk sentiment across global markets, helping lift Bitcoin and other cryptocurrencies. Attention will now turn to the June 19 signing and whether both sides continue to present a consistent picture of the agreement.
Related: Bitcoin Has Not Reached Capitulation Yet, Says CryptoQuant Analyst
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