Pakistan has proposed a 2-week U.S.-Iran ceasefire, noting that efforts towards the peaceful settlement of the war are progressing steadily. This proposal comes just hours before U.S. President Donald Trump’s 8 p.m. deadline, with Pakistan also urging Trump to extend it. The Bitcoin price has climbed on the back of this proposal, with the leading crypto now green on the day.
Pakistan Proposes 2-Week U.S.-Iran Ceasefire, Bitcoin Price Jumps
In an X post, Pakistan’s Prime Minister Shehbaz Sharif urged all “warring parties” to observe a two-week ceasefire to allow diplomacy to achieve a definitive end to the war in the interest of long-term peace and stability in the region.
This came as he revealed that efforts for peace settlement of the war were progressing “steadily, strongly, and powerfully,” with the potential to lead to substantive results in the near future. As part of the U.S.-Iran ceasefire proposal, Pakistan also requested that Trump extend his deadline for two weeks.
Pakistan also requested that Iran reopen the Strait of Hormuz for the corresponding period of two weeks as a goodwill gesture. This proposal comes just hours after Trump said he may extend the deadline if they make progress in negotiations.
The Bitcoin price sharply climbed on the back of Pakistan’s proposal for a U.S.-Iran ceasefire. The leading crypto is currently trading at around $69,500, up almost 1% today, according to TradingView data. BTC had dropped below $68,000 earlier today amid fears of escalation in the war after Trump’s deadline elapses.
U.S. and Iran’s First Response
The White House said that Trump is already aware of the U.S.-Iran ceasefire proposal and that a response will come soon. Meanwhile, Trump told FOX News that he cannot comment yet on the proposal as they are currently in negotiations.
Meanwhile, a Senior Iranian official told Reuters that Iran is ‘positively reviewing’ Pakistan’s request for a two-week ceasefire. The latest proposal marks a positive for the Bitcoin price and other crypto prices, as it could de-escalate tensions between the U.S. and Iran.
It is worth noting that the odds of a U.S.-Iran ceasefire have jumped following Pakistan’s proposal. Polymarket traders now predict a 45% chance of a ceasefire by April 30. There is also a 51% chance of a ceasefire by May 15. This marks a turnaround as traders were earlier betting against a ceasefire until at least June.