Key facts
- Bitcoin rebounded to trade above $84,000.
- Iran submitted a 7-day proposal to the US via mediators to reopen the Strait of Hormuz and end the US-Iran war.
- US and Iran are reportedly having constructive discussions through mediators.
- WTI crude oil fell below $93 a barrel and Brent crude toward $105.
- Stock and crypto markets rose amid positive sentiment.
- The 10-year US Treasury yield slipped slightly.
Bitcoin's price has rebounded above $84,000, recovering from an intraday low of around $83,000, amid reports that the U.S. and Iran are exploring a phased plan to de-escalate tensions. Iranian Foreign Minister Abbas Araghchi confirmed that his country submitted a 7-day proposal to the White House via mediators, which could lead to the reopening of the Strait of Hormuz and a restart of talks on Iran's nuclear program, provided the US accepts certain conditions.
A White House official confirmed that the US and Iran "are having positive and constructive discussions through the mediators." The proposal aims to reopen the vital shipping lane within a week. The positive sentiment from these diplomatic developments has also led to a pullback in oil prices, with WTI crude falling below $93 a barrel and Brent crude nearing $105. Broader stock and crypto markets also saw gains.
The 10-year US Treasury yield slipped slightly from a 19-year high of 5.20%, and the US dollar index (DXY) fell to 101.16 on Friday. Goldman Sachs noted that markets are pricing in more Federal Reserve rate hikes than anticipated, with a pause still on the table. Strong AI infrastructure, defense spending, and related capital expenditures are signaling economic resilience.