Bitcoin surges above $72,000 after US-Iran ceasefire as stocks rally and oil crashes

• Bitcoin jumped above $72,000 after trading near $69,000 about an hour earlier as risk appetite came back fast.
• US stock futures ripped higher after Trump said he would pause Iran attacks for two weeks, easing fears around the five-week conflict.
• Oil got crushed, with WTI crude falling about 13% to below $98 a barrel as traders priced in lower immediate supply risk.

Bitcoin surged above $72,000 after sitting around $69,000 just an hour earlier, as traders rushed back into risk after President Donald Trump announced a ceasefire with Iran for two weeks just before his 8 p.m. ET deadline.

Naturally, West Texas Intermediate crude dropped about 13% to below $98 a barrel, while US futures tied to the Dow Jones Industrial Average rose by 967 points, or 2.1%. S&P 500 futures gained 2.1%, while Nasdaq 100 futures climbed 2.3%.

Iranian Foreign Minister Abbas Araghchi then responded with a statement after Trump’s ceasefire announcement.

Araghchi said Iran appreciated the efforts of Pakistan Prime Minister Shehbaz Sharif and Field Marshal Asim Munir to help end the war.

He added that, following Sharif’s public request, the US request for talks around its 15-point proposal, and Trump’s stated acceptance of the broad framework of Iran’s 10-point proposal, Iran’s Supreme National Security Council was declaring that if attacks on Iran stop, its armed forces will also stop their defensive operations.

“For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations,” said Araghchi.

Across Asia, Australia’s S&P/ASX 200 stock index rose by 1.74% to close at 8,728.8, and Japan’s Nikkei 225 edged up just 0.03% to 53,429.56, while the broader Topix added 0.25% to 3,654.02.

South Korea’s Kospi is up by 0.82% at 5,494.78, but the small-cap Kosdaq has fallen by more than 1% to 1,036.73.

Mainland China’s CSI 300 stock index is staying flat at 4,440.62, while India’s Nifty 50 erased earlier losses to rise 0.23%, and the Sensex added 0.25% in choppy regional trading, according to data gotten from TradingView.