Bitcoin Tops $74,000 After Trump Posts U.S.-Iran Strait Deal

Bitcoin climbed above $74,000 on May 29 after President Donald Trump posted on Truth Social that the United States and Iran had reached a tentative agreement to reopen the Strait of Hormuz. The move reversed an earlier intraday drop that sent the cryptocurrency to a multiweek low.

The price oscillated between roughly $73,000 and $73,500 in the early morning before falling just after 5 a.m. EST to $72,395. Reports of a Washington-Tehran understanding and Trump’s post triggered buying that pushed bitcoin to a high of $74,223. By 1:55 p.m. EST the price had slipped back below $74,000 but still showed about a 0.6% gain over 24 hours. Bitcoin’s 30-day decline narrowed to 2.7%, and its market capitalization exceeded $1.48 trillion.

Markets beyond cryptocurrencies moved alongside the initial report. U.S. stocks rallied while energy futures fell: Brent crude dropped to an intraday low of $91.47 and West Texas Intermediate fell to about $87 after trading near $100 per barrel earlier in the week.

The reported agreement concerns reopening the Strait of Hormuz, a major shipping lane through which about 20% of global crude passes. The memorandum of understanding cited in markets is subject to formal approval by both U.S. and Iranian leadership. Iranian state media and senior Iranian negotiators disputed the U.S. characterization, saying no text has been finalized and describing the reported terms as a Western wishlist.

Market participants said attention will focus on any official confirmation from Tehran in the next 48 hours. The immediate price reaction followed the president’s public confirmation rather than publication of a verified document.

Volatility produced significant leveraged liquidations. Over a four-hour window, traders lost about $29.5 million in short positions and about $20 million in long positions. Total cryptocurrency market liquidations during that period reached $111.7 million, with short liquidations accounting for $69.3 million.