Bitcoin Jumps to Three-Month High Above $82K on Report of US-Iran Agreement

In brief

• Bitcoin jumped to a three-month high Wednesday, on reports that the U.S. is nearing an agreement to end the war in Iran.
• The reported one-page U.S.-Iran memo would lift sanctions, end nuclear enrichment, and reopen the Strait of Hormuz within 30 days.
• Users on prediction market Myriad assign an 87% chance that Bitcoin rallies to $84,000 next.

Bitcoin surged to a three-month high on Wednesday on reports of a U.S.-Iran peace framework and the restoration of safe passage through the Strait of Hormuz.

The White House believes it is nearing an agreement with Iran on a one-page, 14-point memorandum of understanding to end the war, Axios reported, citing four sources familiar with the matter.

The document, being negotiated by U.S. envoys Steve Witkoff and Jared Kushner, would declare an end to hostilities and open a 30-day window for detailed talks on Hormuz transit, Iran's nuclear program, and U.S. sanctions relief.

Iran's Revolutionary Guards Navy separately said it may allow safe passage through the Strait of Hormuz following a pause in U.S. naval operations in the region, according to reports in state media.

Bitcoin is up 1.4% over the past 24 hours, and is trading at around $82,330, according to CoinGecko data. The S&P 500 climbed 0.85% to a new all-time high of 7,366.25.

West Texas Intermediate crude, on the other hand, fell more than 10% to $93 per barrel, unwinding a key source of inflation pressure that had kept rate-cut expectations subdued.

Since the start of the conflict, Bitcoin has recorded gains of 25% compared to the S&P 500 index’s 8% and gold’s 11% decline.

Bitcoin's one-day relative strength index—a momentum indicator ranging from 0 to 100—hit 71 on Wednesday, its highest reading in seven months, last seen when Bitcoin reached its all-time high of $126,080.