Bitcoin surged to a three-month high on Wednesday on reports of a U.S.-Iran peace framework and the restoration of safe passage through the Strait of Hormuz.
The document, being negotiated by U.S. envoys Steve Witkoff and Jared Kushner, would declare an end to hostilities and open a 30-day window for detailed talks on Hormuz transit, Iran's nuclear program, and U.S. sanctions relief.
The U.S. expects Iranian responses on several key provisions within 48 hours, Axios said, cautioning that nothing has been formally agreed. Iran said it would accept a deal only if it was "fair." If talks collapse, U.S. forces would retain the ability to restore the blockade or resume military action, according to the report.
