Bitcoin and US stocks rose on June 11 after President Donald Trump canceled planned military strikes against Iran, easing immediate fears of another escalation near the Strait of Hormuz.

The strikes had been planned for Thursday evening. Trump said he called them off after progress in talks involving Iran, the US, and several Middle Eastern governments. He also said a naval blockade would remain in place until an agreement is finalized.

Markets treated the decision as a short term de escalation signal. The Dow Jones Industrial Average climbed more than 800 points, while the S&P 500 rose nearly 2% and the Nasdaq advanced 2.8% as traders moved back into risk assets.

Oil fell sharply after the announcement. Brent crude dropped more than 6%, while US crude also declined as traders reduced bets on an immediate threat to energy infrastructure or shipping routes around the Strait of Hormuz.

Bitcoin gained near 3% to trade near $63.5K, recovering as risk appetite improved. The move followed several volatile sessions tied to military threats, oil price swings, and uncertainty around US Iran negotiations.