Daily Market Update: Trump Says Talks Are On, Iran Says They’re Not — Markets Are Confused

TLDR

• Bitcoin climbed above $71,000 as de-escalation hopes in the Middle East lifted risk assets
• Iran rejected a U.S. ceasefire proposal, but conflicting reports kept markets uncertain
• U.S. stock futures fell 0.4% Wednesday evening as investors weighed ongoing geopolitical risk
• Oil prices dipped on ceasefire hopes, with WTI settling at $90.32 and Brent at $102.22
• Britain banned crypto donations to political parties and capped overseas donations at £100,000 per year

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Bitcoin pushed back above $71,000 on Wednesday as hopes for a ceasefire between the U.S., Israel, and Iran gave a boost to risk assets. The world’s largest cryptocurrency traded 1.1% higher at $71,129 by early evening ET.

Bitcoin (BTC) Price

Earlier in the week, Bitcoin had slipped below $70,000 after rising geopolitical tensions triggered a broad sell-off across risk assets.

President Trump said Tuesday that Washington was “in negotiations right now” with Iran and that Tehran appeared open to a peace deal. Reports also emerged that the U.S. had presented Iran with a 15-point proposal to end the conflict.

Iran’s response was mixed and contradictory. The Fars News Agency reported that Iran does not accept a ceasefire, and Iran’s Foreign Minister Abbas Araghchi said there were no active talks with the U.S.

Iran’s state media outlined five demands, including an end to all attacks and international recognition of Iran’s authority over the Strait of Hormuz. Tehran also reportedly demanded the closure of all American military bases in the Gulf.

Despite Iran’s rejection, Axios reported that the U.S. had not yet received any official message from Iran refusing the proposal. The back-and-forth kept markets in a state of cautious optimism.

Oil prices fell on Wednesday as traders priced in the possibility of easing supply risks. West Texas Intermediate crude settled at $90.32 per barrel and Brent crude dropped to $102.22.

Stocks React to Geopolitical Uncertainty

U.S. stock futures slid 0.4% Wednesday evening. Futures linked to the S&P 500, Nasdaq 100, and Dow Jones Industrial Average all moved lower as investors remained on edge.

E-Mini S&P 500 Jun 26 (ES=F)

Despite the futures dip, major stock indexes have gained ground over the week, putting them on track to snap a four-week losing streak. Concerns about oil price volatility and recession risk have continued to weigh on consumer sentiment.

Investors are now watching Thursday’s initial jobless claims data. Carnival is set to report earnings before the market opens on Friday.

UK Bans Crypto Political Donations

Britain announced a ban on cryptocurrency donations to political parties, effective Wednesday. The government also capped overseas donations from British citizens living abroad at £100,000 per year.

Housing minister Steve Reed said the crypto ban was needed to close a “clear route” for illicit funds entering politics. The move follows a review into foreign financial influence, triggered after a former Reform UK politician was jailed for accepting bribes.

Reform UK, led by Nigel Farage, had been the first British party to accept Bitcoin donations. At least two-thirds of its funding last year came from overseas donors.

Most altcoins rose on Wednesday. Ethereum gained 1% to $2,166, XRP rose 0.2% to $1.41, and Dogecoin added 1.5%.

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