Bitcoin under $71,000, ETH, SOL, XRP drop as Iran ceasefire frays within 48 hours of being signed
Tehran says three clauses of the ceasefire have been breached, oil is rebounding toward $97, and the Strait of Hormuz remains effectively closed despite the deal.
What to know:
- Bitcoin is holding above $70,000 after a ceasefire-fueled rally, trading within a months-long $65,000 to $73,000 range but now testing its upper half.
- Markets are retracing Wednesday’s “ceasefire euphoria” as cracks emerge in the U.S.-Iran truce, the Strait of Hormuz remains effectively closed and Brent crude rebounds toward $97.
- Global risk assets face renewed pressure as geopolitical uncertainty combines with what analysts call “uncoordinated tightening” by major central banks, reinforcing higher-for-longer interest-rate expectations.
And the Strait of Hormuz, the critical shipping lane whose reopening was supposed to be the centerpiece of the deal, remains effectively closed with minimal tanker traffic passing through despite Iran’s pledge to allow “coordinated” transit.
Brent crude rebounded 2% to about $97 after Wednesday’s collapse of more than 10%, its worst single-day plunge in six years. The reversal reflects how quickly the market has moved from pricing in peace to pricing in uncertainty about whether the ceasefire holds through the weekend, let alone for the full two weeks.
Ether fell 2.6% to $2,180 after leading the ceasefire rally with a 5.2% weekly gain. Solana’s SOL dropped 3.1% to $81.96, XRP lost 3% to $1.33, and dogecoin slid 3.4% to $0.091. BNB held relatively flat at $600, down 2.2%.
