The price of Bitcoin jumped 3.4%, nearing $71,000. U.S. President Donald Trump announced a five-day suspension of strikes on Iran.
At the time of writing, the digital gold is trading around $70,900.
Ethereum prices rose 6% to $2,200, while BNB, XRP, and Solana gained 3-4%.
In the last hour, the liquidation volume in the crypto market reached $374 million, exceeding $782 million over the past day.
Trump stated that the U.S. and Iran had "very good and productive negotiations" regarding the resolution of the conflict in the Middle East.
“Based on the nature and tone of these deep, detailed, and constructive negotiations, which will continue this week, I have instructed the Department of Defense to postpone strikes on Iranian power plants and energy infrastructure for five days, depending on the success of ongoing meetings and discussions,” the U.S. President added.
Iran Denies Trump's Statement
American financial commentator Walter Bloomberg, citing the Iranian agency Tasnim, reported that no negotiations took place. Trump's statement was labeled as "psychological warfare" there.
*IRAN'S TASNIM: THERE HAVE BEEN NO TALKS, THERE ARE NO TALKS
— *Walter Bloomberg (@DeItaone) March 23, 2026
*IRAN'S TASNIM NEWS CALLS TRUMP COMMENT PSYCHOLOGICAL WARFARE
According to Reuters, the discussions were also denied by the Tehran-based Fars agency. Journalists added that Israel announced it would continue strikes on Iran.
According to a Telegram channel of Iranian President Masoud Pezeshkian's administration, the Iranian Foreign Ministry clarified that the country is currently negotiating exclusively with Oman regarding shipping through the Strait of Hormuz.
The Omani Foreign Minister Badr al-Busaidi confirmed that his country is "actively working" on this issue, adding:
“Iran is not the initiator of this war.”
On March 21, the U.S. President announced the "destruction" of Iran's energy infrastructure if the country did not open the Strait of Hormuz to all vessels within 48 hours. In response to his statements, the Iranian Revolutionary Guard threatened strikes on Israeli power plants and U.S. bases in the Persian Gulf region.
The crypto community reacted to the events with irony.
Dad, I'm long $100M.
— Crypto Rover (@cryptorover) March 23, 2026
Tell the market ''Iran and you have good talks.''
Thanks. pic.twitter.com/EWsJwTq2hJ
“Dad, I went long $100 million. Tell the market you had good talks with Iran. Thanks,” users joke.
The Evolution of Trading pic.twitter.com/O6V6AXUSFv
— Barchart (@Barchart) March 23, 2026
Stock Market Reaction
The broader market reacted with gains. S&P 500 futures rose nearly 2%, forming a "God Candle" on the chart.
JUST IN 🚨: S&P 500 $SPY God Candle 📈📈📈 pic.twitter.com/zdJ3uZQwb6
— Barchart (@Barchart) March 23, 2026
However, Brent crude oil briefly plummeted over 14% to $96 per barrel, according to Bloomberg. Following oil, European gas prices also fell.
Gold nearly fully recovered its morning losses, bouncing back to $4,440 per ounce. The DXY dollar index dropped to 99.1.
It’s worth noting that on March 23, oil and silver on Hyperliquid outperformed Solana and XRP in trading volumes.