On June 17, the U.S.-Iran memorandum of understanding was completed ahead of schedule and entered into force immediately. During the G7 summit in France, Trump signed the document at the Palace of Versailles while having dinner with Macron, and Iranian President Pezeshkian completed the electronic signature in Tehran in the early hours of the 18th (local time). Macron posted a video saying the agreement “paves the way for lasting peace.”

The 14 core provisions of the memorandum were announced. Both sides immediately and permanently terminated all military actions on all fronts. The United States immediately lifted the maritime blockade and fully ended it within 30 days. Iran pledged not to acquire or develop nuclear weapons. The United States pledged to set up, with regional partners, an Iran reconstruction fund of at least $300 billion. Both sides will negotiate to reach a final agreement within 60 days.

However, the troublemaker—Israel—expressed strong concerns about the memorandum and said it would not withdraw troops from Lebanon. On Iran’s side, although the Supreme Leader was, in principle, of a different view, the final decision was also approved unanimously. Iran’s Supreme National Security Council stated that it would closely supervise the implementation, and that it would firmly counter if the U.S. violates it.

In the short term, BTC has already partially priced in this news within the $63,000 to $66,000 range. The subsequent focus for pricing will shift from “whether the agreement can be signed” to “whether the agreement can be implemented.”

If Israel stands still, BTC still has a chance. If implementation hits setbacks, then… $BTC