Brent crude dropped 4.7% and Asian equities climbed 1.9% after reports that Washington had delivered a ceasefire proposal to Tehran via Pakistan, sparking the strongest wave of optimism since the conflict began a month ago.
A 15-point peace plan is now reportedly on the table, with bitcoin (BTC) holding near $71,000 as investors begin to factor in the possibility of easing tensions in the U.S.-Israel-Iran war.
Oil markets drove the shift in sentiment, with Brent falling to $99.55 on Wednesday and breaking below the $100 level for the first time since mid-March. The move followed reports that the U.S. had drafted a detailed roadmap to end the Iran conflict. Israeli media also indicated that Washington is pushing for a one-month ceasefire. The improved outlook lifted global risk assets, sending Asian stocks higher, weakening the dollar, and pointing to gains in U.S. and European futures.
Bitcoin traded around $71,019, up 0.9% over the past 24 hours, though still down 6.4% on the week. The weekly decline reflects recent turbulence, including last week’s rally to $75,000 followed by a sharp pullback triggered by geopolitical headlines and liquidation pressure.
In recent sessions, price action has steadied, with bitcoin holding above $70,000 for a third consecutive day, suggesting a more stable near-term trend.
Analysts see this consolidation as a constructive signal. FxPro chief market analyst Alex Kuptsikevich said that bitcoin’s ability to remain at elevated levels, even without extending gains, points to continued confidence among bullish traders.
Altcoin performance remains mixed. Ether (ETH) rose 1.7% to $2,164 but is still down 9.2% over the week. XRP added 0.2% to $1.42, down 8.5% weekly, while solana gained 2.5% to $91.69 but remains 3.8% lower on the week. BNB slipped 0.5% to $638, and dogecoin climbed 1.7% to $0.094, though both remain in negative territory for the week. Tron (TRX) stood out as the only major token posting gains across both daily and weekly timeframes.
The reported 15-point proposal marks the most detailed diplomatic effort since the war began on February 28. While Donald Trump has publicly advocated for negotiations, specifics around the framework had remained unclear until now. Early reports suggest the plan includes limits on Iran’s nuclear program, though full details have yet to be disclosed.
Meanwhile, the Strait of Hormuz remains largely restricted, with only limited shipping activity continuing through the key energy corridor.
The drop in oil below $100 could help ease inflation pressures that have weighed on markets in recent weeks. Lower energy prices may also reduce the likelihood of further monetary tightening, supporting broader risk sentiment.
Bitcoin’s correlation with the S&P 500 remains elevated, though its response to macro developments has been uneven. While bitcoin is roughly flat since the conflict began, most major altcoins have declined between 4% and 9% over the past week.
After weeks of geopolitical shocks, liquidation cascades, and energy-driven volatility, the crypto market remains range-bound, reflecting a balance between cautious optimism and persistent uncertainty.
