US negotiators reach 60-day ceasefire deal with Iran, pending Trump approval

American and Iranian negotiators have hammered out a draft memorandum of understanding that would extend the current ceasefire by 60 days, reopen one of the world’s most critical oil chokepoints, and restart discussions on Iran’s nuclear program. The deal now sits on President Donald Trump’s desk, waiting for a signature.

Bitcoin responded before the ink was even dry. The largest cryptocurrency surged above $72,700 as the news broke on May 28, 2026, with some reports indicating prices may have briefly touched above $78,000 amid a wave of risk-on optimism.

What the deal actually says

The draft MOU covers three major pillars. First, a 60-day extension of the ceasefire that has been in place since early April. Second, the reopening of the Strait of Hormuz, through which roughly a fifth of the world’s oil supply flows on any given day. Third, Iran would be permitted to sell oil freely during the ceasefire period.

The agreement also opens the door to formal discussions on Iran’s nuclear program.

This all builds on a temporary two-week ceasefire that was initiated on April 7, 2026, following US strikes against Iranian interests that began on February 28, 2026.

The political friction

Not everyone in Washington is celebrating. Republican senators have voiced criticism of the agreement’s terms, arguing that the concessions, particularly around oil sales, could be harmful to US interests.

There’s also a procedural wrinkle that matters. The Trump administration is navigating a looming 60-day War Powers Resolution deadline. The White House’s position is that this clock is essentially paused while the ceasefire holds.

Trump’s approval is the final gate.

What this means for crypto investors

Bitcoin’s surge past $72,700 on ceasefire news confirms that traders are treating the asset as a macro barometer for geopolitical risk appetite. The price action follows a pattern throughout 2026: when US-Iran tensions escalated in late February, Bitcoin sold off alongside equities, then reversed as the conflict dragged on. The April 7 ceasefire triggered another leg up, and the MOU draft has pushed prices higher still.

Traders should watch three things closely. First, whether Trump actually signs. Second, how oil markets react to the prospect of Iranian crude flowing freely. Third, whether the nuclear discussions produce anything substantive within the 60-day window, because if they don’t, the entire framework collapses.

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