Cryptocurrency prices surged on Monday after U.S. President Donald Trump said the United States would crack down on Iran.
Trump said in the Truth Society post that the two countries “had a very good and productive dialogue on a comprehensive and complete resolution of our hostilities in the Middle East.”
Trump said in the post that attacks on Iranian infrastructure would be delayed for five days.
Bitcoin Affected by this news, the U.S. dollar rebounded nearly 5% in the early morning hours of the United States to exceed $71,000 after falling below $68,000 overnight. Ethereum (ETH), solana (SOL and Chainlink Across the board, cryptocurrencies have gained 5% in the past 24 hours.
Gold has erased almost all of its earlier losses and is now down just 1% on the day, rebounding to $4,440 an ounce. The U.S. dollar index DXY has fallen to 99.3.
Global bond yields fell, with the U.S. 10-year Treasury yield falling 100 basis points to 4.3%.
Meanwhile, WTI crude oil fell 11% on the day, trading below $88 a barrel, while Brent crude fell 8% to around $100 a barrel. Liquidation of Brent crude oil futures tokenized on Hyperliquid was $62.4 million. C
CoinGlass data shows that the liquidation amount of the XYZ:BRENTOIL contract in the past 24 hours was $62.41 million, of which $61.69 million was long and only $717,000 was short.
Galaxy Digital (GLXY) rose 2%, while Coinbase (COIN) and IREN (IREN) also gained about 2% each.
Trump’s five-day delay did not end the war, however, as Iran continues to attack targets in the Gulf.
Meanwhile, Strategy (MSTR), the largest corporate holder of Bitcoin, rose more than 3% in pre-market trading.
Despite the market’s knee-jerk risk reaction and falling oil prices, Bitcoin-related options still reflect a defensive bias.
As of this writing, Deribit’s puts continue to trade at an 8-10 swing point premium ahead of expiration at the end of June, essentially unchanged from earlier in the day, according to data source Amberdata. The same goes for Ethereum options.
This suggests traders are remaining cautious, viewing the recent rally with skepticism and bracing for potential aftershocks to the broader market and global economy from the recent surge in oil prices.
Correct (March 23, 11:30 UTC): Corrected first paragraph to say attack will be delayed. An earlier version of this story said they would upgrade.