Iran told the International Maritime Organization this week that non-hostile ships could pass through the Strait of Hormuz. That single statement was enough to send Bitcoin back above $70,000 — a level it had been struggling to hold as tensions between Washington and Tehran kept traders on edge. A Volatile 48 Hours For Bitcoin The ride up was not smooth. For roughly two days, Bitcoin whipsawed as headlines shifted by the hour. US President Donald Trump threatened to bomb Iranian power plants. Then he didn’t. Reports surfaced of possible peace talks. Tehran denied them. Each headline moved the price. By the time Washington’s formal 15-point proposal leaked through regional media, Bitcoin had climbed to $71,100 — up just 0.3% in 24 hours, but the direction mattered more than the number. Announces a Truce to Stop the War with Iran Trump surprises the world with a tweet that flips the table! President Donald Trump has suddenly announced a 5-day truce in exchange for negotiations toward a comprehensive solution with Iran. He stated that there were “good and… pic.twitter.com/nrln9EysTo — khaled mahmoued (@khaledmahmoued1) March 23, 2026 The broader market felt it too. WTI crude dropped 5.31% to $87.44 a barrel. Brent crude fell 6.06% to just under $100. Gold rose 2.50% to $4,586. Risk assets and safe havens moved in opposite directions, and Bitcoin sat somewhere in between — part speculative bet, part hedge, depending on who was buying. The Proposal That Moved Prices Washington delivered its offer through Field Marshal Syed Asim Munir, Pakistan’s Chief of Army Staff, who served as the go-between. The plan covers 15 points. According to reports, it asks Iran to shut down its key nuclear facilities — Natanz, Isfahan, and Fordow — halt further uranium enrichment, and eventually hand existing stockpiles over to the International Atomic Energy Agency. In return, all active sanctions would be lifted with a written guarantee against reimposition. The US has also offered to help Iran develop civilian nuclear power plants for electricity generation. For crypto traders, the details mattered less than the signal. A potential end to the conflict meant lower oil prices, easing inflation pressure, and more appetite for risk. Bitcoin responded accordingly. Tehran’s Denial Keeps The Market Guessing Iran’s government has refused to acknowledge any negotiations are taking place. Missile strikes linked to Tehran and its allied forces have continued even as the proposal circulates. That contradiction — a goodwill gesture at the Strait of Hormuz alongside ongoing military action — has left markets in a holding pattern. Bitcoin holding above $70,000 reflects cautious optimism, not conviction. One firm rejection from Tehran could unwind the move fast. Traders are watching every statement out of Iran closely, knowing the next headline could push prices in either direction. Featured image from Unsplash, chart from TradingView

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