Trump announces lifting of oil sanctions, Bitcoin surges to $69,500, Ethereum breaks through $2,053, and liquidations reach $342 million

Bitcoin has been gradually rising from the $67,000 level since last night, reaching a high of $69,537 this morning, currently at $69,160. Ethereum briefly touched $2,053, currently at $2,019. The market rebound is mainly due to Trump announcing during a press conference that some oil sanctions will be temporarily lifted, along with his statement that the Iran conflict will “end soon.” As a result, crude oil prices plummeted from their highs, releasing pressure.
(Background: Trump states: Iran will only cease fire if they “unconditionally surrender”! Middle East conflict escalates, oil and USD surge, Bitcoin dips below $68,000)
(Additional context: After a 9% surge in oil prices, Trump intervened! Navy escorts in the Hormuz Strait + DFC war risks, BTC reverses and rises above $71,000)

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• Crypto market rebounds in sync with oil price shift
• Trump’s oil pressure strategy: multiple measures
• Analyst: Oil prices unlikely to truly fall until the Hormuz Strait reopens

U.S. President Trump held a press conference in Miami, Florida, on Monday, stating that the U.S. will temporarily lift some oil-related sanctions to ensure sufficient oil supply and lower prices. Trump said, “We have imposed sanctions on some countries, but before the Hormuz Strait reopens, we will lift these sanctions.” However, he did not disclose specific details.

Trump also stated that military actions against Iran will “end very soon,” and claimed that the recent oil price increase “is not as serious as I feared.” Following this news, crude oil prices sharply fell from nearly $120 to around $85 overnight, a decline of over 25%.

Crypto Market Rebounds in Sync with Oil Price Shift

The sharp drop in oil prices temporarily eases inflation pressures, improves market liquidity expectations, and risk assets respond accordingly. Bitcoin has been gradually climbing since last night from the $67,000 level, reaching a high of $69,537 at 3 a.m. this morning, up about 3.4%, currently at $69,160.

Ethereum also strengthened, briefly reaching $2,053, currently at $2,019. Over the past 24 hours, futures liquidation amounts reached $342 million, showing a mixed pattern of long and short liquidations—short positions were liquidated during the rebound, while some chasing longs were also wiped out amid volatility.

Trump’s Oil Pressure Strategy: Multiple Measures

According to two informed sources, Trump is expected to review a series of measures to suppress oil prices as early as Monday. Due to the U.S.-Iran conflict, oil prices have surged above $100 per barrel. The White House is concerned this could harm American businesses and consumers, especially ahead of the mid-term elections in November.

Current measures under discussion include:

• Joint release of strategic reserves by G7 major economies
• Limiting U.S. oil exports
• Intervening in oil futures markets
• Exempting certain federal taxes
• Removing provisions in the Jones Act requiring domestic fuel to be transported on U.S.-flagged ships

Additionally, last week, the U.S. issued a 30-day temporary exemption allowing Russian oil currently stranded at sea to be sold to India, easing global oil market pressures.

Analyst: Oil Prices Won’t Truly Fall Until the Hormuz Strait Reopens

However, analysts point out that as long as the U.S.-Iran conflict continues to hinder navigation through the Hormuz Strait, U.S. policy tools will have limited impact on global oil prices. The Strait accounts for about 20% of global oil transportation. Until shipping fully resumes, structural supply tensions will support high oil prices.

For the crypto market, oil prices are a key macro variable. Rising oil prices imply increased inflation expectations, reduced Fed rate cut prospects, and a strengthening dollar—all of which are adverse for Bitcoin. Conversely, if oil prices continue to fall, risk assets could rally.

During the press conference, Trump also issued a further warning to Iran: “If Iran disrupts oil supplies, we will strike them harder.” He also expressed disappointment with Iran’s new leadership, hinting that peace negotiations remain uncertain. In the short term, markets will closely watch the Hormuz Strait’s navigation status and Trump’s subsequent policy actions.