Draft U.S.-Iran Ceasefire Adds $350B to Stocks; Bitcoin Drops

U.S. and Iranian negotiators reached terms of a draft 60-day ceasefire and memorandum of understanding that drove about $350 billion into U.S. equities in roughly 15 minutes while Bitcoin fell about 5% to near $72,890.

The draft would extend the current truce for 60 days and launch nuclear negotiations. It requires Iran to remove all mines from the Strait of Hormuz within 30 days and to commit not to pursue a nuclear weapon. The framework calls for disposal of highly enriched uranium stockpiles during the first 60 days.

The draft also outlines a phased easing of a U.S. naval blockade tied to restored commercial shipping, talks on sanctions relief and the release of frozen Iranian funds, and a mechanism to allow humanitarian goods to reach Iran.

Major U.S. indexes climbed to intraday record highs within minutes of the report. An analyst estimate showed market value rising by about $350 billion in roughly 15 minutes, with gains concentrated in the S&P 500 and the NASDAQ.

Bitcoin fell below $73,000 to trade near $72,890, down close to 5% on the day. Market participants attributed the decline to a rotation into stocks after the ceasefire report.

The memorandum remains unsigned and requires approval from the U.S. president and Iran’s senior leadership. President Donald Trump was briefed and requested several days to consider the terms. Reports say Mojtaba Khamenei has withheld approval.

Treasury Secretary Scott Bessent posted that sanctions and the naval blockade will remain active until a formal agreement is signed. He warned that parties facilitating tolls in the Strait of Hormuz could face Treasury action and named Oman. Treasury has also taken steps to block Iranian airlines from landing slots and refueling.

Investor debate over Bitcoin’s role resurfaced. Mark Cuban wrote on X that he sold most of his holdings between roughly $120,000 and $88,000 because Bitcoin “stopped behaving like a hedge.” Blockstream chief executive Adam Back noted that Bitcoin had climbed about 25% from earlier lows during the escalation with Iran.

Next steps hinge on whether the president signs the memorandum and whether Tehran’s leadership approves the terms. Implementation would require mine removal and phased reopening of shipping; failure to secure approvals could lead to a reversal of the equity gains and further pressure on Bitcoin.