Bitcoin jolted modestly higher on Iran ceasefire report; oil tumbles 4%

An Israeli TV report said a one-month ceasefire could be announced soon.

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What to know:

• According to an Israeli TV report, a one-month ceasefire in the Iran war could be announced soon.
• The news sent crude oil down more than 4% and bitcoin higher by about 1%.

A down day in crypto became slightly less so in the minutes since U.S. stocks closed for the session.

According to Israeli Channel 12, a one-month ceasefire could soon be announced as part of a package being negotiated by White House envoys Steve Witkoff and Jared Kushner.

Other terms of the deal reportedly include a dismantling of Iran's existing nuclear capabilities and that country's vow to "never seek" nuclear weapons.

The news was felt most immediately in the oil market, with Brent Crude dropping from $104 to below $100 in a few minutes.

Trading down throughout the day and sitting near $69,000, bitcoin BTC$70,034.84 quickly popped back to $70,000. U.S. stock index futures also posted small gains on the news.

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