Bitcoin Jumps to Three-Month High Above $82K on Report of US-Iran Agreement

Bitcoin rose to a three-month high on Wednesday on reports of a US-Iran peace framework and the restoration of safe passage through the Strait of Hormuz.

The White House believes it is nearing an agreement with Iran on a one-page, 14-point memorandum of understanding to end the war. Axios reportedciting four sources familiar with the matter.

The document, negotiated by US envoys Steve Witkoff and Jared Kushner, would end hostilities and open a 30-day period for detailed talks on the passage of Hormuz, Iran’s nuclear program and US sanctions relief.

Iran’s Revolutionary Guards have said this separately can allow safe passage through the Strait of Hormuz, according to state media reports, after a lull in US naval operations in the region.

Bitcoin is up 1.4% in the last 24 hours and is trading around $82,330, according to CoinGecko data. The S&P500 climbed 0.85% to a new all-time high of 7,366.25.

West Texas Intermediate crude oil, on the other hand fell more than 10% to $93 a barrel, removing a major source of inflationary pressure that had kept expectations of rate cuts subdued.

Since the beginning of the conflict, Bitcoin has done that included gains of 25% compared to the S&P 500 index’s 8% decline and gold’s 11% decline.

Bitcoin’s one-day relative strength index – a momentum indicator ranging from 0 to 100 –tick 71 on Wednesday, hitting a seven-month high, last seen when Bitcoin hit its all-time high of $126,080.

Users in the prediction market Myriadowned by Declutter parent company Dastan, have a 87% chance that Bitcoin’s next big move is a rally to $84,000 instead of a drop to $55,000 – up from 85% on Tuesday. Meanwhile, sentiment on the price of crude oil shifted, with users now a 60% chance on WTI crude rising to $120, down from almost 74% this time yesterday.

The US expects an Iranian response to several key provisions within 48 hours. Axios said, cautioning that nothing has been formally agreed. Iran said it would only accept a deal if it was “fair.” If the talks fail, US forces would retain the option to restore the blockade or resume military action, the report said.

President Trump underlined the commitment of a Truth Social after Wednesday. “Assuming Iran agrees to give what was agreed, which may be a big assumption, the already legendary Epic Fury will have come to an end and the highly effective blockade will ensure that the Strait of Hormuz is OPEN to all, including Iran,” Trump said. “If they don’t agree, the bombing will begin, and unfortunately it will be at a much higher level and intensity than before.”