Bitcoin surged past $71,000, Ethereum climbed 5% and XRP jumped 3.4% on Sunday as news that the United States and Iran had held direct talks toward a full resolution of Middle East hostilities sent shockwaves through global markets and triggered one of crypto’s strongest single-day rallies in months.
The total crypto market cap jumped 3.64% to $2.45 trillion, adding roughly $85 billion in value within hours of President Trump confirming the talks had taken place.
“A deal with Iran could happen within five days or sooner,” Trump said, adding that direct negotiations had been held over the past two days. Iranian state media denied any direct communication with Washington, a claim Trump dismissed outright.
For weeks, the Iran conflict had been the single biggest weight on risk assets globally. Oil above $112, surging Treasury yields, a strengthening dollar and inflation fears had been crushing crypto, gold and equities simultaneously. Sunday’s news reversed every single one of those pressures in minutes.
Oil crashed 14% in under ten minutes after reports that Trump had halted planned strikes on Iran’s energy infrastructure for five days to allow negotiations to proceed. Gold, which had already fallen 25% from its all-time high wiping out $10.3 trillion in market cap, extended its decline as the safe-haven trade unwound sharply.
Crypto, which had been moving in near-perfect correlation with equities throughout the conflict, surged alongside stocks as risk appetite returned across the board.
The rally was broad and decisive. Bitcoin rose 4.11% to $71,579. Ethereum gained 5% to $2,182, its strongest session in weeks. Solana climbed 4.78% to $91.35. XRP added 3.41% to $1.44. Dogecoin rose 3.28% to $0.094. BNB gained 2.84% to $647.
The average crypto RSI jumped to 51.09, moving out of oversold territory for the first time since the conflict began.
The rally did not come out of nowhere. On-chain data showed BlackRock transferred $87.7 million worth of Bitcoin and Ethereum to Coinbase in the hours before the rally. Michael Saylor’s Strategy firm added 1,031 Bitcoin to its treasury.
The SEC and CFTC’s formal classification of major tokens including Bitcoin and Ethereum as digital commodities, confirmed earlier this week, also contributed to the positive mood by removing a layer of regulatory uncertainty that had been overhanging the market for years.
For now, the mood has shifted. The war trade is unwinding. The institutional buyers are active. And for the first time in weeks, crypto investors have a reason to feel something other than fear.
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