Brent crude slid 4.7% while Asian equities advanced 1.9% after reports that Washington had sent a ceasefire proposal to Tehran via Pakistan, lifting market sentiment to its strongest level since the conflict began a month ago.
A 15-point peace plan is now reportedly under consideration, with bitcoin (BTC) holding around $71,000 as investors cautiously price in the possibility of easing tensions in the U.S.-Israel-Iran war.
Oil markets reacted sharply, with Brent falling to $99.55 on Wednesday and breaking below the $100 level for the first time since mid-March. The decline followed reports that the U.S. had drafted a detailed framework to resolve the Iran conflict. Israeli media also indicated that Washington is pushing for a one-month ceasefire. The improving outlook supported global risk assets, sending Asian stocks higher, weakening the dollar, and pointing to gains in U.S. and European futures.
Bitcoin traded near $71,019, up 0.9% over the past 24 hours, though still down 6.4% on the week. The weekly loss reflects recent turbulence, including a surge to $75,000 followed by a sharp reversal driven by geopolitical uncertainty and liquidation pressure.
In the near term, price action has steadied, with bitcoin holding above $70,000 for a third straight session—an indication of resilience after recent volatility.
Market watchers see this consolidation as constructive. FxPro chief market analyst Alex Kuptsikevich noted that bitcoin’s ability to maintain elevated levels, even without extending gains, suggests continued confidence among bullish traders.
Altcoins showed mixed performance. Ether (ETH) gained 1.7% to $2,164 but remains down 9.2% over the past week. XRP edged up 0.2% to $1.42, down 8.5% weekly, while solana rose 2.5% to $91.69 but is still 3.8% lower on the week. BNB slipped 0.5% to $638, and dogecoin added 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 conflict began on February 28. While Donald Trump has publicly advocated for negotiations, specifics had remained unclear until now. Early reports suggest the plan includes limits on Iran’s nuclear activities, though full details have yet to be revealed.
Meanwhile, the Strait of Hormuz remains largely restricted, with only limited shipping traffic moving through the key energy route.
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 reaction 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 absorbing geopolitical shocks, liquidation cascades, and energy-driven volatility, the crypto market remains range-bound, reflecting a balance between cautious optimism and persistent uncertainty.
