Bitcoin’s price rose above $87,000 on Wednesday, after U.S. President Donald Trump confirmed that he held a “very good meeting” with Iranian officials on the sidelines of the United Nations General Assembly meetings. Falling oil prices, along with flows into spot Bitcoin exchange-traded funds (ETFs) and growing interest in derivatives markets, helped strengthen positive sentiment about a broader rebound in the cryptocurrency market.
A good meeting between Washington and Tehran on the sidelines of the United Nations
Trump said his envoys, Steve Witkoff and Jared Kushner, held a three-hour meeting with Iranian representatives, including Foreign Minister Abbas Araqchi. The U.S. president described the meeting as “very good” and “highly productive,” revealing that another round of talks is planned soon, pointing to “strong momentum” toward reaching an agreement. Trump put the choice before Iran between reconstruction or facing dire consequences, while Iranian media reported that Tehran has reintroduced its conditions, which include lifting the U.S. naval blockade, releasing frozen assets, and stopping the war on several fronts.
A proposal to reopen the Strait of Hormuz
Earlier reports also said that Iran proposed reopening the Strait of Hormuz within 7 days if the United States took initial steps to ease tensions, including military operations. Iranian President Masoud Pezeshkian is scheduled to attend a meeting today, while representatives from other countries—including the European Commission vice president, Kaja Kallas, and Swiss Vice President Ignazio Cassis—met with Iran’s foreign minister to discuss ending the U.S.-Iran war and fully reopening the strait.
Bitcoin jumps above $87,000
Markets interpreted the news as a sign of easing tensions, with Bitcoin rising an additional 1% to reclaim the $87,000 level, bringing its cumulative gain to around 8% over the week. Other digital assets also participated in this rebound, including Ethereum, XRP, Solana, and Zikas.
These talks came after a previous bullish momentum, following Trump’s announcement of a proposed $5 billion fund to rebuild energy infrastructure damaged in the Gulf region as a result of the U.S.-Iran war. Oil prices also fell again to $89 per barrel for the sixth consecutive day, while Saudi Arabia plans to restore flows through its vital East-to-West pipeline.
Bitcoin is currently trading at around $87,200 after hitting a daily high of $87,251, while trading volume fell by 32% as traders awaited remarks from Federal Reserve officials on inflation indicators. Trump previously said the final decision on a broader Iran deal may come after the November midterm elections, keeping markets focused on whether the latest talks will yield tangible steps regarding the Strait of Hormuz and sanctions.
As Coinglass data showed, open interest in Bitcoin futures contracts rose by more than 1% to reach $61.40 billion within 24 hours, with a surge of over 5% on the CME exchange and 6% on Hyperliquid, compared with a decline of about 2% on Binance.