Crypto stocks and Bitcoin saw sudden gains Tuesday on multiple reports that Iranian President Masoud Pezeshkian is “ready to end war.”

Crypto exchange Coinbase has gained nearly 9% since the opening bell, recently trading at $175. Bitcoin mining and AI hardware firm Bitdeer saw its shares jump more than 12%, trading as high as $8.98 before falling back to $8.88. And chipmaker giant Nvidia saw its shares gain 5% to reach $173.80.

Stock indices are showing major gains on the day, with the Nasdaq rising 3.63%, the S&P 500 climbing 2.7%, and the Dow up 2.32% so far Tuesday.

Meanwhile, Bitcoin saw a short-lived surge above $68,000 before retracing. At the time of writing, BTC is trading for $67,821, according to crypto price aggregator CoinGecko. That puts it 1.9% higher than it was this time yesterday. Ethereum is up even more on the day, rising about 3.5% to a recent price just below $2,100.

The news about the Iranian president appeared in The Kobeissi Letter at 12:45 p.m. Eastern Time on Tuesday, then in a news alert on Bloomberg several minutes later.

Separately, an hour later, the Iranian government’s English-language account on X, Iran_GOV, shared similar news. It is described as an English version of the PadDolat account on X.

In a post on X, Iran_GOV said Pezeshkian made the statement during a phone call with António Costa, president of the European Council.

Costa confirmed the phone call with Pezeshkian on his own X account on Tuesday morning. Other news sources, The Economic Times and Euro News, cited a statement released by the Iranian president’s office after the call. Decrypt has not yet obtained a copy of this statement, as of this writing.

“We have the will to end this war—provided that necessary guarantees are in place to prevent any repetition of aggression,” the Iranian president said, according to the Iran_GOV account on X.

Bitcoin was trading for around $64,000 when the war began on February 28 and has seen modest gains since then. Meanwhile, the S&P 500 and gold are down roughly 5.6% and 14% since then, respectively, with oil spiking nearly 40% in the same span. Crypto-related equities have been among the most sensitive in reacting to war headlines throughout the conflict.

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Analysts have noted that a rapid de-escalation “could unlock a strong risk-on rally,” with Bitcoin potentially moving above $90,000, Lacie Zhang, research analyst at Bitget Wallet, told Decrypt earlier Tuesday. Still, she cautioned that even a ceasefire won’t be enough to fuel a sustained bull run without “institutional flows and regulatory clarity.”