Bitcoin Tops $67,000 to Two-Week High After Trump Declares US-Iran Deal Complete and Hormuz Reopening

Bitcoin pushed above $67,000 on Monday, its highest level in roughly two weeks, after President Trump said the US-Iran deal was "complete" and that he had authorized reopening the Strait of Hormuz.

The largest cryptocurrency traded around $67,170, up 4.9% over 24 hours, touching an intraday high over $67,200, per CoinGecko. The move tracked a broad risk-on rally, with the S&P 500 rising about 1.5% and Treasury yields falling as war-risk premia unwound. Roughly $150 million in crypto short positions were liquidated as the price advanced, per Coinglass data, squeezing traders who were positioned for further downside.

Trump declared the agreement done in a Truth Social post, writing that he "fully authorized the toll-free opening of the Strait of Hormuz" and ordered "the immediate removal of the United States Naval blockade." He added: "Ships of the World, start your engines. Let the oil flow!" CNBC and Bloomberg reported that the US and Iran had reached terms to end nearly four months of war, with both sides agreeing to halt military operations.

The terms center on the waterway and on sanctions. A draft memorandum has the US lifting oil sanctions in exchange for Iran committing to reopen the Strait of Hormuz within 30 days, according to Bloomberg. Trump also said ships, "many loaded up with Oil," were already starting to move out of the strait.

The Oil Channel

The clearest market signal came from crude. Brent fell about 4% to around $83 a barrel, with US crude sliding toward $80 as traders priced in the return of tanker traffic through a waterway that carries a fifth of the world's seaborne oil.

Lower oil cools one of the inflation inputs that has kept the Federal Reserve cautious. Bonds rallied alongside equities and crypto, with Treasury yields falling as rate-hike bets receded, per Bloomberg. Bitcoin has spent the spring trading as a high-beta proxy for that risk appetite, selling off on escalation and bouncing on every step toward de-escalation.

A Recovery From the June Lows

Monday's high marks a sharp turn from earlier this month. Bitcoin had cracked $60,000 on June 5, its lowest level since October 2024, as the war ground on and ETF outflows mounted. It remains down about 15% over the past 30 days and roughly 47% below its $126,080 October record, per CoinGecko.

The de-escalation arc has driven Bitcoin's price for weeks. The Defiant reported on June 11 that Bitcoin rose above $63,000 after Trump canceled scheduled strikes on Iran and signaled a peace deal was close. The latest leg extends that move as the framework firms up.

The Hormuz question has whipsawed the market all spring. Bitcoin touched $78,000 in April when Iran declared the strait "completely open," then stalled below $80,000 as geopolitical risk returned and triggered $288 million in long liquidations. Each shift in the conflict has registered in the price within hours.

What's Not Locked In

The deal is not signed. Trump said the formal agreement would be signed Friday, June 19, in Switzerland, with the strait reopening to follow. Earlier in the week the two sides gave conflicting accounts of the draft terms, and Trump accused Iran of misrepresenting the memo before talks settled.

European governments welcomed the agreement and signaled openness to sanctions relief, urging a swift Hormuz reopening, per CNBC. For now the short squeeze has cleared out the most bearish positioning, but the price still sits well below where it traded before the conflict began.