Bitcoin’s price experienced a noteworthy uptick over the past hour or so, jumping from $62,300 to a multi-day peak of $63,700. At the same time, oil prices dropped hard from over $91 to under $87 within minutes.
The main culprit for this is US President Donald Trump’s statement from less than an hour ago that his country will not execute the scheduled attacks against Iran. Interestingly, it came shortly after his latest threats, in which he warned that the US might take out bridges and energy infrastructure.
“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening. Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.”
However, he noted that the naval blockade will remain in place until the permanent deal is reached. Answering a question from a reporter, the POTUS said that the agreement is “pretty much wrapped up.”
The ever-volatile cryptocurrency market reacted with an immediate price uptick to the promising statement, with BTC jumping by about a grand and a half. ETH has neared $1,700 once again, BNB reclaimed the $600 level, while SOL has risen by 5% daily to $67.
US oil prices have extended the losses as mentioned above, dropping below $87 within minutes.
BREAKING: US oil prices collapse below $87/barrel after President Trump cancels scheduled strikes on Iran. pic.twitter.com/bJXfJMwkHP
— The Kobeissi Letter (@KobeissiLetter) June 11, 2026
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