Donald Trump, Benjamin Netanyahu discuss ceasefire in phone call as Bitcoin drops to $63K
The US president announced that Israel and Iran are seeking an immediate ceasefire, but crypto markets are already feeling the heat from weeks of renewed Middle East tensions.
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Add us on Google by Editorial Team Jun. 9, 2026Donald Trump and Benjamin Netanyahu connected by phone before the US president took to Truth Social to announce that both Israel and Iran are seeking an immediate ceasefire. The June 8 post marked a brief moment of optimism in a stretch of escalating military tensions that has rattled global markets, including crypto.
Bitcoin, which had been trading above $72,000 in April when an initial ceasefire between Israel and Iran took hold, has since dropped to approximately $63,000. That’s roughly a 12.5% decline, driven largely by the same geopolitical anxiety that sent oil prices climbing more than 3%.
What happened between Trump and Netanyahu
The two leaders have had multiple phone calls in early June, including what has been described as a tense exchange around June 1-2. The conversations centered on preserving the fragile ceasefire that had been established in April, with Trump pushing Netanyahu toward restraint in actions that could derail broader peace negotiations with Iran.
AdvertisementNetanyahu, for his part, has maintained that the US-Israel relationship remains strong despite what he characterized as tactical disagreements. The friction reportedly involves Israeli military operations related to Lebanon and Iran, actions that Washington views as counterproductive to the diplomatic track.
Trump’s Truth Social announcement on June 8 suggested that, at least for now, diplomacy has the upper hand. Both Israel and Iran are reportedly considering an immediate ceasefire, which would essentially restore the terms of the April agreement that had begun to fray.
How crypto markets are reacting
The April ceasefire was genuinely good for risk assets. Bitcoin surged past $72,000 as markets priced in reduced geopolitical risk and a more stable oil outlook. That trade has now reversed in painful fashion.
When Israeli strikes resumed and the ceasefire looked like it might collapse entirely, Bitcoin fell to around $63,000. The move wasn’t isolated. Oil prices jumped over 3%, and broader risk appetite across global markets contracted.
What investors should be watching
Three things matter from here. First, whether the ceasefire discussions Trump referenced actually produce a binding agreement or just another temporary pause. The April ceasefire lasted roughly two months before military actions resumed, so durability is the real question.
Second, the oil price trajectory. The 3%-plus increase in oil prices during the recent escalation has knock-on effects for inflation expectations, central bank policy, and ultimately the liquidity environment that crypto thrives in.
Third, the Trump-Netanyahu dynamic itself. Multiple tense phone calls suggest this relationship is more complicated than either side publicly acknowledges. If Netanyahu calculates that domestic political pressures outweigh Washington’s preferences, renewed military action could come at any time, regardless of what gets posted on Truth Social.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
