US and Iranian negotiators have reportedly reached an agreement to extend the ceasefire for 60 days, in the latest development in the US-Iran war. The deal is still awaiting approval by US President Donald Trump, while Bitcoin remained largely unchanged on the back of the report.
US-Iran War: Both sides reach agreement to extend ceasefire
According to Axios reportUS and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and begin negotiations on Iran’s nuclear program. However, President Trump has not given his final approval, Axios reported, citing US officials and a regional source in the mediation efforts.
President Trump has reportedly told US negotiators that he wants a few days to think about the deal, which could extend the ceasefire in the US-Iran war. Meanwhile, Iran’s top leadership has not yet signed the deal.
This comes in the wake of new attacks from both sides, which led to… Crypto market collapse Because of fears that the peace agreement was off the table. Bitcoin fell significantly to below $73,000 amid escalating tensions between the two sides over the past 24 hours.
Bitcoin also remained largely unchanged on the back of the ceasefire extension deal report. The leading cryptocurrency is currently trading at around $72,700, down more than 2% today, according to TradingView data.
It is worth noting that Bitcoin also declined after the issuance of US Personal Consumption Expenditure Inflation DataWhich showed high inflation 3.8% YoY in April. This comes at a time when the US-Iran war continues to put pressure on energy prices.
Details of the ceasefire extension deal
Under the memorandum of understanding extending the ceasefire for 60 days, the two sides agree to the passage of freight Strait of Hormuz You will be unrestricted during that period. Furthermore, the US Navy will lift its blockade to enable commercial shipping through this key oil strait.
Meanwhile, the two sides agreed that nuclear issues will be the main point of discussion during the 60-day period. The United States will also commit to discussing sanctions relief and the release of frozen Iranian funds.
Despite this latest development, cryptocurrency traders are still betting that a permanent peace agreement will not be reached between the United States and Iran anytime soon. Polymarket data shows just a 42% chance of a deal by June 30, down from more than 50% at the end of last week when President Trump said a deal was largely negotiated.
