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US and Iran reach preliminary deal to extend ceasefire by 60 days, Bitcoin reacts
The tentative memorandum of understanding would reopen the Strait of Hormuz and initiate nuclear talks, with crypto markets watching every move.
US and Iranian negotiators have reached a tentative memorandum of understanding to extend their ceasefire by 60 days, a deal that would also crack open the door to nuclear program negotiations.
The MOU, reached on May 28, 2026, covers more than just a pause in hostilities. It includes provisions to reopen the Strait of Hormuz for commercial shipping, with mine removal reportedly expected within 30 days. It also sets the table for discussions around Iran’s stockpile of highly enriched uranium.
What the deal actually covers
The agreement builds on the ceasefire established after the Twelve-Day War in 2025, which was mediated by the US and Qatar.
The deal isn’t done yet. President Donald Trump has not formally approved the MOU, and Iranian authorities have not publicly confirmed their participation. Vice President JD Vance has described the state of negotiations as “very close.”
Reopening the Strait of Hormuz is arguably the most immediately consequential piece of the puzzle. Roughly 20% of the world’s oil passes through that narrow waterway on any given day.
Crypto markets feel every tremor
Bitcoin’s price action during this saga reads like a seismograph of geopolitical anxiety. During the recent period of unrest, Bitcoin fell below $73,000. Earlier, when ceasefire optimism first emerged, Bitcoin had surged above $72,000.
US officials have reported seizing approximately $450 million in Iranian digital assets as part of recent enforcement actions. For traders, the $450 million seizure is a reminder that geopolitical conflict doesn’t just move prices through sentiment. It can directly remove liquidity and assets from the market through enforcement actions.
What this means for investors
The MOU is preliminary. Trump hasn’t signed off. Iran hasn’t publicly acknowledged it. Military assets are still positioned near the Strait.
The 30-day window for mine removal in the Strait of Hormuz is the most concrete catalyst to watch. Successful completion would signal genuine follow-through on the agreement. Failure or delay would signal the opposite.