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Trump stated that the two nations engaged in "very good and productive discussions about a complete and total resolution of our hostilities in the Middle East."
What to know:
- Bitcoin and leading cryptocurrencies surged approximately 5% after President Trump announced that U.S. strikes on Iran’s infrastructure would be delayed following what he described as "very good and productive" discussions.
- Gold reduced earlier losses to trade roughly 1% lower, while the U.S. dollar declined and global bond yields, including the 10-year Treasury, dropped significantly.
- Oil prices fell sharply, with WTI crude decreasing by 11% and Brent by 8%, leading to over $62 million in liquidations in tokenized Brent futures, as crypto-related stocks also gained.
Cryptocurrency prices experienced a rise on Monday after U.S. President Trump indicated that the nation would postpone attacks against Iran.
In a post on Truth Social, Trump stated that the two nations engaged in "very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East."
According to Trump, strikes on Iran’s infrastructure will be postponed for a period of five days.
Bitcoin climbed nearly 5% over $71,000 in the early morning hours in the U.S. after dipping below $68,000 overnight. Ether (ETH), , solana (SOL), and Chainlink increased by 5% within the last 24 hours as cryptocurrencies rose across the market.
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Gold has nearly recovered from its earlier losses, currently down just 1% on the day, rebounding to $4,440 per ounce. The U.S. dollar index, DXY, has decreased to 99.3.
Global bond yields have fallen, with the U.S. 10-year yield declining by 100 basis points to 4.3%.
At the same time, WTI crude is down 11% today, trading below $88 per barrel, while Brent crude has decreased by 8% to approximately $100 per barrel. Tokenized Brent crude futures experienced $62.4 million in liquidations on Hyperliquid. C
Data from CoinGlass indicates $62.41 million in liquidations on the XYZ:BRENTOIL contract in the last 24 hours, with $61.69 million affecting longs and only $717,000 from shorts.
Galaxy Digital (GLXY) has risen by 2%, while Coinbase (COIN) and IREN (IREN) have also seen gains of about 2% each.
Trump’s five-day postponement does not conclude the conflict, however, as Iran continues to target locations across the Gulf.
Meanwhile, Strategy (MSTR), the largest corporate holder of bitcoin, has increased over 3% in pre-market trading.
Despite the immediate risk-on response in the markets and the decrease in oil prices, options related to bitcoin still show a cautious sentiment.
As of this writing, put options on Deribit continue to be traded at an 8–10 volatility point premium to calls through the June-end expiry, largely unchanged from earlier in the day, according to data from Amberdata. The same observation applies to ether options.
This indicates that traders remain wary, perceiving the recent uptick with skepticism and preparing for possible repercussions from the recent oil surge on broader markets and the global economy.
CORRECT (March 23, 11:30 UTC): Corrects the first paragraph to indicate that attacks will be postponed. An earlier version of this report stated they would be escalated.
