U.S. and Iran Reach Deal To Extend Ceasefire by 60 Days

The U.S. and Iranian negotiators have reportedly reached a deal to extend the ceasefire by 60 days, in the latest development around the U.S.-Iran war. The deal is still pending U.S. President Donald Trump’s approval, while Bitcoin remained largely unchanged on the back of the report.

U.S.-Iran War: Both Sides Reach Deal To Extend Ceasefire

According to an Axios report, U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran’s nuclear program. However, President Trump has not given his final approval, Axios reported, citing two U.S. officials and a regional source in the mediation efforts.

President Trump reportedly told U.S. negotiators that he wants a couple of days to think about the deal, which could extend the ceasefire in the U.S.-Iran war. Meanwhile, Iran’s senior leadership has yet to sign off on the deal.

This follows the fresh attacks from both sides, which led to a crypto market crash over concerns that the peace deal was off the table. Bitcoin notably dropped below $73,000 amid escalating tensions between both sides over the last 24 hours.

Bitcoin has also remained largely unchanged on the back of the report of the deal to extend the ceasefire. The leading crypto is currently trading at around $72,700, down over 2% today, according to TradingView data.

It is worth noting that Bitcoin is also down following the release of U.S. PCE inflation data, which showed inflation rose 3.8% year-over-year (YoY) in April. This comes as the U.S.-Iran war continues to put pressure on energy prices.

Details Of The Deal To Extend The Ceasefire

Under the MoU extending the ceasefire by 60 days, both sides agree that shipping through the Strait of Hormuz will be unrestricted during that period. Furthermore, the U.S. Navy will lift its blockade to enable commercial shipping through this major oil chokepoint.

Meanwhile, both sides have agreed that the nuclear issues will be the primary point of discussion during the 60-day window. The U.S. will also commit to discussing sanction relief and the release of frozen Iranian funds.

Despite this latest development, crypto traders are still betting against a permanent U.S.-Iran peace deal anytime soon. Polymarket data shows only a 42% chance of a deal by June 30, down from above 50% last weekend when President Trump said a deal had been largely negotiated.