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The United States and Iran said they reached an initial agreement that would extend the ceasefire and eventually reopen the Strait of Hormuz, with a formal signing expected Friday in Switzerland. The framework still leaves hard issues unresolved, including Iran’s nuclear program and whether fighting tied to Lebanon will fully stop, but it marks the biggest macro de-escalation for markets in weeks.

Bitcoin climbed above $65,000, with analysts telling The Block the move was mostly a macro relief trade rather than a crypto-native catalyst. Traders now turn to whether falling oil and improved risk sentiment can survive this week’s heavy central-bank calendar.

The Bank of Japan opened a two-day policy meeting with markets widely expecting a 25-basis-point increase to 1.0%. A move higher would further tighten global liquidity conditions and could spill into Bitcoin through yen funding costs, bond yields and broader risk appetite.

ECB President Christine Lagarde welcomed the Iran ceasefire news as potentially helpful for reopening Hormuz, but Bundesbank chief Joachim Nagel warned it would not bring quick relief to euro-area inflation. The message keeps Europe in a higher-for-longer mindset even after oil’s overnight drop.