According to Guru Club, crude oil futures dropped more than 9% in early trading on May 24th Beijing time, with both WTI and Brent contracts falling sharply around 5:20 AM. The sell-off triggered a liquidation wave in the cryptocurrency markets, as over 120,000 traders were forced to close their positions. Bitcoin rose 1% to $76,655 amid the volatility. President Trump announced on May 23rd (Eastern US time) via social media that the US and Iran had reached a "basic framework" for an agreement, also suggesting that the possibility of opening the Strait of Hormuz was part of the deal's terms.

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