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 struggled to hold as tensions between Washington and Tehran kept traders on edge.
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A volatile 48 hours for Bitcoin
The ride up was not smooth. For about two days, Bitcoin swung as headlines changed by the hour. US President Donald Trump threatened to bomb Iranian power plants. Then he didn’t.
Reports appeared about it possible peace talks. Tehran denied them. Each headline affected the price. By the time Washington’s formal 15-point proposal leaked through regional media, Bitcoin had risen to $71,100 – up just 0.3% in 24 hours, but the direction was more important than the number.
Announces a ceasefire to stop the war with Iran
Trump surprises the world with a tweet that turns the table!President Donald Trump has suddenly announced a five-day ceasefire in exchange for negotiating a comprehensive solution with Iran. He stated that there are “good and… pic.twitter.com/nrln9EysTo
— khaled mahmoued (@khaledmahmoued1) March 23, 2026
The broader market felt it too. WTI crude fell 5.31% to $87.44 per barrel. Brent crude fell 6.06% to just below $100. Gold rose 2.50% to $4,586.
Risk assets and safe havens were moving in opposite directions, and Bitcoin was somewhere in between: part speculative bet, part hedge, depending on who was buying.
The proposal that moved prices
Washington made its offer through Field Marshal Syed Asim Munir, the Pakistani army’s chief of staff, who served as an intermediary. The plan includes 15 points.
According to reportsit asks Iran to close its main nuclear facilities – Natanz, Isfahan and Fordow –, halt further uranium enrichment and ultimately transfer existing stockpiles 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 to generate electricity.
For crypto traders, the details were less important than the signal. A possible end to the conflict meant lower oil pricesdecreasing inflationary pressures and increased risk appetite. Bitcoin responded accordingly.
Tehran’s denial keeps the market in limbo
The Iranian government has refused to acknowledge that negotiations are taking place. Missile attacks linked to Tehran and its allied forces continue even as the proposal circulates.
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That contradiction – a gesture of goodwill towards the Strait of Hormuz alongside the ongoing military action – has left markets in a holding pattern.
Bitcoin ownership above $70,000 reflects cautious optimism, not conviction. One firm rejection by Tehran could quickly unwind the move. Traders are closely watching any statement from Iran, knowing that the next headline could push prices in either direction.
Featured image from Unsplash, chart from TradingView