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>>Bitcoin and gold soar following a 20% drop in oil prices after a ceasefire agreement

Bitcoin and gold soar following a 20% drop in oil prices after a ceasefire agreement

crypthub

about 6 hours ago

Ceasefire Agreement

After days of warning shots, the United States and Iran announced a two‑week cease‑fire to enable a permanent peace deal. President Trump claimed Iran would reopen the Strait of Hormuz and presented a 10‑point Iranian proposal as a workable basis. He warned that “a whole civilization will die tonight,” prompting Iran to temporarily withdraw from talks. Hours later both sides confirmed the truce, and Trump promised to help manage traffic through the Strait, calling the outcome a “Golden Age of the Middle East.”

Oil Market Reaction

Oil prices, the most volatile asset, fell sharply after the cease‑fire news. US OIL slid from $117 to below $92 before stabilising around $95, still roughly 40 % above pre‑conflict levels. The earlier surge to $120 per barrel had followed the February 28 strikes and successive threats against Iranian infrastructure.

Broader Financial Moves

Cryptocurrencies rallied, with Bitcoin climbing from $68k to nearly $73k before settling near $72k, and Ethereum gaining about 7 % to $2,250. Gold rose to $4,900, its highest in three weeks, while S&P 500 futures jumped over 2.5 % toward a new record. Altcoins such as XRP, SOL and DOGE also posted gains exceeding 4 %.