Bitcoin climbed above the key $65,000 level after the United States temporarily eased restrictions on Iranian oil sales. The decision followed talks between U.S. and Iranian officials in Switzerland that both sides described as productive.
The development improved sentiment across financial and cryptocurrency markets as investors reacted to signs of easing geopolitical tensions.
U.S. Temporarily Eases Iranian Oil Restrictions
The U.S. Treasury issued a temporary General License authorizing the production, delivery and sale of Iranian crude oil, petrochemical products and other petroleum products.
The license is expected to remain valid for 60 days, through August 21, 2026.
The decision represents a significant change in U.S. policy and suggests that negotiations between Washington and Tehran are making progress.
Bitcoin Breaks Above the $65,000 Level
Bitcoin responded positively to the announcement, moving above the psychological $65,000 resistance level.
The cryptocurrency gained more than 3% from its intraday low as traders reacted to the improved geopolitical outlook.
Bitcoin had already climbed above $64,000 earlier in the session after Pakistan and Qatar released a joint statement highlighting progress from the Switzerland negotiations.
The two sides reportedly established a framework aimed at reaching a permanent agreement within 60 days.
U.S.-Iran Talks Show Signs of Progress
U.S. Treasury Secretary Scott Bessent said the temporary authorization was linked to the productive discussions held in Switzerland.
Iran has reportedly committed to allowing free and open transit through the Strait of Hormuz. The country has also agreed to permit inspectors from the International Atomic Energy Agency to return.
U.S. Vice President JD Vance said Iran’s willingness to readmit nuclear inspectors could indicate progress toward resolving concerns surrounding its nuclear program.
These developments have increased expectations that the two countries may eventually reach a broader agreement.
Strait of Hormuz Traffic Supports Market Sentiment
Improving conditions in the Strait of Hormuz have also contributed to the recovery in Bitcoin and other cryptocurrency prices.
Iran previously claimed that it had closed the major oil shipping route. However, maritime data indicated that commercial vessels continued to pass through the area.
MarineTraffic recorded 71 confirmed vessel crossings between June 19 and June 21. Activity reached a weekend high of 35 transits on June 20.
More commercial ships were also operating with their Automatic Identification Systems activated, suggesting that shipping conditions were becoming more stable.
The increase in vessel traffic followed the lifting of the U.S. naval blockade and Iran’s decision to reopen the Strait after a ceasefire agreement.
Reduced tensions in the region could ease concerns about global energy supplies, inflation and financial market instability. These factors have helped strengthen demand for Bitcoin and other risk assets.
