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Bitcoin rallied sharply alongside broader risk-on assets following news of a conditional US–Iran ceasefire.
The announcement came just 90 minutes before President Trump’s Tuesday 8pm ET deadline – avoiding an ultimatum for Iran that had raised the risk of further escalation if terms were not met.
The fragile agreement, which stipulated the immediate reopening of the Strait of Hormuz, helped trigger a relief rally in crypto assets. BTC even posted a 3-week high and recovered back above $70K as the geopolitical risk premium eased.