Bitcoin surged over 5% Tuesday evening, breaking above $72,500. The rally followed President Donald Trump's statement indicating a two-week suspension of bombing Iran, contingent on Tehran reopening the Strait of Hormuz.
This geopolitical development boosted broader market sentiment. Ether climbed over 7% to approximately $2,260, Solana gained 8% to nearly $87, and XRP rose more than 5% to about $1.40. Zcash saw the largest gains, jumping over 26% in 24 hours.
The announcement also impacted oil prices, which fell nearly 15% to around $94. Equity futures saw gains, with S&P 500 futures up nearly 2.3% and Nasdaq futures up 2.7%.
Trump stated the pause followed discussions with Pakistan's Prime Minister and Field Marshal, describing the proposal as a bilateral ceasefire. The arrangement hinges on Iran's cooperation regarding the Strait of Hormuz.