BREAKING: Bitcoin Climbs as US & Iran Reportedly Agree to Extend 60-Day Ceasefire

Bitcoin remains volatile on Monday as reports claim the US and Iran reached an agreement to extend a 60-day ceasefire. However, Iran dismissed any binding 60-day deadline under a memorandum of understanding (MoU) with the US. Meanwhile, oil prices rebounded amid fresh Middle East tensions, including Iranian drones hitting the office of the Kurdistan Region of Iraq.

Iran Says No 60-day Deadline & Ultimatum in the MoU with the US

Iran’s Foreign Ministry spokesperson Esmaeil Baqaei stated at a press briefing on August 17 that there is no such thing as a 60-day deadline in the MoU with the US. He added that Iran never formulates its policies under pressure, ultimatums or time constraints.

The MoU anticipated only a 60-day window for discussions on sanctions relief and the nuclear issue, which could have been extended by mutual consent if needed. Due to what Iran described as “blatant and widespread violation” of the ceasefire, the 60-day period is irrelevant.

The Strait of Hormuz shipping traffic was zero on weekends as the US-Iran war ceasefire deadline approaches, with negotiations stalled and tensions escalating. Bitcoin erased gains after Iran’s Foreign Ministry spokesperson denied the deadline.

On talks with Oman over the Strait of Hormuz, he said they are delayed amid complexities and multiple countries’ involvement. The talks continue regarding a mechanism to guarantee the sovereignty and sovereign rights of both countries and safe passage in the Strait of Hormuz.

Meanwhile, the WSJ revealed that Iranian leaders have no intention of winding down the US-Iran war. Iran believes that the signed MoU was an attempt by the US and Israel to ease pressure on global economy and buy time for bigger attacks.

The tensions in the Middle East continue to rise as two drones identified as Iranian-made Hadid-110 models targeted the office of Kurdistan Region of Iraq (KRI) Prime Minister Masrour Barzani early Monday. Barzani condemned the strikes as a “dangerous escalation” and “direct threat to the security and stability” of the region.

Also Check: Will US-Iran 60 day negotiation period be extended?

Bitcoin Price Action amid US-Iran Ceasefire Extension Reports

Oil markets reflected the jitters, with prices remaining elevated amid ongoing uncertainty over the Strait of Hormuz and broader Middle East risks. Crude oil prices jumped above $83 per barrel on Monday after Iran FM spokesperson denied the 60-day deadline.

Meanwhile, US President Donald Trump reiterated that Iran cannot have a nuclear weapon, amid a lack of progress in diplomatic efforts to resolve the war against Iran.

Trump: ‘The number one Goal is, and always will be, that Iran cannot have, in any way, shape, or form, a Nuclear Weapon. Thank you for your attention to this matter! President DONALD J. TRUMP’ pic.twitter.com/3sD3i11loj

— Open Source Intel (@Osint613) August 17, 2026

Bitcoin remains volatile as traders seek cues on the US-Iran war ceasefire and reduced energy-supply fears. The price trades between $63,000 and $63,700, erasing some earlier gains.

Meanwhile, odds of a Fed rate hike in September or 2026 slip further after Goldman Sachs says markets are still too hawkish even as inflation cools. This caused Bitcoin to witness massive 56% jump in trading volume today.

Al Arabiya reports the U.S. and Iran have agreed to extend the 60-day ceasefire that was set to expire today. However, no independent confirmation has been made yet.

Traders are becoming more skeptical about a bullish month for Bitcoin. Polymarket data shows the odds for Bitcoin reaching $67,500 in August dropped to 25%.