A significant development has been observed in global financial markets as U.S. President Donald Trump announced that the U.S. will not proceed with planned military strikes against Iran. This news triggered immediate reactions not only in the crypto market but also in the oil market.

According to Trump, negotiations with Iran have reached a high level, and most points of a permanent peace agreement have been agreed upon. Although the naval blockade will remain in place, the peace deal between both parties is said to be nearly complete.

Right after this announcement, Bitcoin's price shot up significantly. It surged from around $62,300 to hit $63,700, marking the highest level we've seen in days. Not just Bitcoin, but other major cryptos like Ethereum, BNB, and Solana also rallied hard.

On the flip side, oil prices took a notable dive. U.S. crude dropped from $91 to below $87 in just a few minutes. Experts say that the expected easing of tensions in the Middle East has alleviated supply concerns, leading to the price drop.

Investors generally flock back to risky assets when war or geopolitical threats ease up. That's why we've seen a surge in interest in the crypto market, with prices rallying.

If a peace deal is actually reached in the coming days, we could see positive effects not only on the global economy but also on the crypto market.