Trump’s Iran diplomacy sparks market shift as oil drops below $70

Bitcoin surged past $60,400, leading a broader crypto market recovery that saw Ethereum climb 2.8% and Solana gain 5%. The total cryptocurrency market capitalization reached $2.14 trillion, signaling renewed risk appetite as the perceived threat of conflict recedes. This transition hit energy markets, with U.S. benchmark WTI crude oil falling more than 2% to close under the $70 threshold.

Trump described the ongoing diplomatic meetings in Qatar as "excellent," asserting that Iran’s denuclearization process is advancing. These remarks have shifted market sentiment, with prediction platform Polymarket now assigning a 62% probability that the current 60-day negotiation window will be extended. While the atmosphere appears constructive, analysts caution that the rally remains tethered to the fragile progress of mediators from Qatar and Pakistan, as well as separate discussions involving Oman regarding the Strait of Hormuz. For now, the market is pricing in stability, though any breakdown in the Doha talks could rapidly reverse these gains.