Bitcoin jumped around 4% at 11:05UTC as US President Donald Trump said talks between the US and Iran have been "productive", and that he has instructed the Department of War to postpone further strikes.
In the 23 Mar social media post, Trump said talks had been "very good and productive" over the past two days regarding a complete and total resolution of hostilities in the Middle East.
Based on these conversations, Trump said he had instructed the Department of War to postpone all military strikes against Iranian power plants and energy infrastructure for a five-day period. He did not indicate when the five-day period would begin.
Bitcoin reacted sharply, spiking from around $68,500 at 11:05UTC as the news was posted to as much as $71,400 by 11:10UTC (+4%) before falling back slightly. ETH reacted similarly, up from around $2,050 at 11:05UTC to almost $2,200 by 11:10UTC (+7%).
Oil, which has surged more than 50% since the conflict began, fell as much as 15% on the news, dropping from $113 to as low as $96 at 11:05UTC, before rising to around $100.
Trump previously issued an ultimatum to Iran at 23:44UTC on 21 Mar, instructing Iranian authorities to fully reopen the Strait of Hormuz within 48 hours or "the United States of America will hit and obliterate their various power plants."
