Bitcoin, Ether, Solana hold steady as Trump sets Tuesday night deadline for Iran deal

Oil jumped above $112 on threats to destroy Iranian infrastructure if no agreement is reached by midnight, while crypto markets pared back gains from Monday’s ceasefire-driven rally. In Asian hours Tuesday, Bitcoin fell to $68,589 after Monday’s rally faded following a U.S. deadline for Iran to agree to a deal.

Oil rises on threats over Iran deal deadline

U.S. President Donald Trump set a Tuesday night deadline for Iran to reach an agreement and warned that the U.S. could destroy Iranian infrastructure if no deal is reached. He said the U.S. would destroy “every bridge in Iran by 12 o’clock tomorrow night” if Iran does not comply.

U.S. crude climbed above $112 as Trump also warned the military could put every power plant in Iran “out of business” if no deal is reached, even as he said talks were “going well.” Brent traded near $115.66, up 2.9% on the session.

Crypto gives back ceasefire rally gains

Bitcoin pulled back to $68,589 in Asian hours Tuesday after Monday’s ceasefire-driven rally pushed prices above $69,000. The largest cryptocurrency was down 0.6% over 24 hours after touching $69,350 on Monday, when an Axios report about a potential 45-day ceasefire briefly lifted prices.

Other major tokens also declined. Ether fell 1% to $2,104, solana’s SOL dropped 2.7% to $79.75, XRP lost 1.6% to $1.32, and dogecoin slid 2.2% to $0.09. BNB was relatively flat at $598.

Market dynamics: positioning and headline-driven swings

The article described a recurring pattern over the past six weeks: positive headlines briefly lift prices, but negative developments then reduce the odds of a sustained recovery. Diana Pires, chief business officer at sFOX, said the move looked less like a fundamental shift and more like positioning unwinding.

“This move looks less like a shift in fundamentals and more like positioning getting caught offsides,” Pires said. “Heading into the weekend, sentiment was heavily skewed bearish and short interest had built up across the market. Once ceasefire headlines hit, that positioning had to unwind.”

Monday’s bounce generated $196.7 million in short liquidations as bearish traders were forced out after the ceasefire report.

Ceasefire talks: reported rejection and new demands

Tuesday’s pullback followed a report that Iran passed to mediator Pakistan a rejection of the ceasefire proposal. The reported response demanded a permanent end to the war, lifting of sanctions, and reconstruction efforts, along with safe passage through Hormuz.

Broader risk sentiment and key levels

Despite the volatility, the S&P 500 posted its longest advance since January. Equities managed to hold small gains through the whipsaw.

Bitcoin remains within the $65,000 to $73,000 range it has traded in for the entirety of the conflict, with rallies failing near the upper bound and selloffs holding near the lower bound. The next test of that range is expected to hinge on what happens by midnight Tuesday, when the deadline arrives.