Bitcoin Breaks $65K as U.S. Authorizes Iranian Oil Sales After ‘Productive’ Talks

Bitcoin has broken above the psychological $65,000 level today amid the U.S. Treasury’s move to temporarily lift sanctions on the sale of Iranian oil. This follows the U.S.Iran talks in Switzerland over the weekend, which both sides have signaled were productive.

U.S. Lifts Iran Oil Sanctions, Bitcoin Breaks $65,000

In a release, the U.S. Treasury announced that it has issued Iran a General License, which authorises the production, delivery and sale of crude oil, petrochemical products and petroleum products of Iranian origin. This is a temporary license that will last through August 21, 206.

The BTC price rose amid this development, breaking above the psychological $65,000 level. Bitcoin is currently trading at around $63,300, up over 3% from an intraday low of around $63,300, according to TradingView data.

The U.S. move further signals progress in the talks between the U.S. and Iran towards reaching a permanent deal to end the war. It is worth noting that U.S. Vice President JD Vance has said today that Iran has agreed to allow nuclear inspectors back into the country, signalling a willingness to give up their nuclear program.

As CoinGape reported, Bitcoin broke $64,000 earlier in the day as Pakistan and Qatar released a joint statement announcing progress following the talks in Switzerland over the weekend. Both sides reportedly reached a framework towards reaching a permanent deal within 60 days.

Bessent Cites Productive Talks In Switzerland

Treasury Secretary Scott Bessent cited “productive” talks in Switzerland as the reason for the U.S. move to authorize the sale of Iranian oil. “n line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country,” he said.

Furthermore, he noted that the general license will be valid for 60 days. The increasing traffic in the Strait of Hormuz has also contributed to the rebound for Bitcoin and other crypto prices. Over the weekend, Iran said it closed the Strait, but shipping data show that isn’t the case.

According to Marine Traffic data, vessel activity through this major oil chokepoint increased sharply between June 19 and 21, with 71 confirmed transits recorded and a weekend peak of 35 crossings on June 20. The data also show that more commercial vessels are now transiting with AIS active. This follows the U.S. lifting of the naval blockade last week, while Iran also opened the Strait after the ceasefire MOU they signed last week.