Bitcoin Soars on Trump's Iran Strike U-Turn

Bitcoin rallied sharply to a multi-day high of $63,700 on Thursday as US President Donald Trump announced that planned military strikes against Iran had been cancelled.

The cryptocurrency surged roughly $1,400 from around $62,300 within a short period in response to the reduced geopolitical risk in the Middle East.

According to Trump, discussions with Iranian leaders were 'brought to the highest level of Iranian leadership and approved', leading to the cancellation of strikes. He added that a permanent agreement was close to being finalised and described it as 'pretty much wrapped up'. A naval blockade would remain in place until an agreement is reached.

The broader crypto market also advanced, with Ethereum nearing $1,700, BNB reclaiming the $600 level, and Solana rising 5% to $67. Oil prices plummeted as traders reduced expectations of potential supply disruptions following the apparent de-escalation in tensions.