Bitcoin climbed above $71,000 on Monday after President Trump announced a five-day pause on planned strikes against Iran’s power infrastructure, citing diplomatic progress — though the rally quickly cooled after Iran denied the talks ever happened.
Trump’s announcement
Trump posted on Truth Social that the two countries had held:
“Very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”
Bitcoin, which had sunk below $68,000 overnight, surged to $71,000 in early U.S. trading before retreating toward $70,000 after Iran’s Fars news agency — citing an unidentified source — denied any such conversations took place, according to Al Jazeera.
Broader market moves
Oil prices took the sharpest hit, with WTI crude falling 11% to below $88 per barrel and Brent crude dropping 8% to around $100.
Tokenized Brent crude futures on Hyperliquid saw $62.4 million in liquidations, with $61.7 million of that hitting long positions.
Gold pared most of its earlier losses to trade about 1% lower, rebounding to $4,440 per ounce, while the U.S. dollar index slipped to 99.3.
The 10-year Treasury yield fell 100 basis points to 4.3%.
Options market stays cautious
Despite the risk-on bounce, bitcoin’s options market reflected lingering caution.
Put options on Deribit continued to trade at an 8–10 volatility point premium to calls through the June-end expiry, largely unchanged from earlier in the day, according to Amberdata.
