Bitcoin was just below $66,000 on Monday after US President Trump said that the US brokered a deal with Iran to reopen Strait of Hormuz.
“The deal with the Islamic Republic of Iran is now complete. Congratulations to all!” Trump posted On Sunday evening, he launched his Truth Social Platform.
“I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade,” Trump remarked. “Ships of the World, start your engines. Let the oil flow!”
“With the opening of the Strait upon the signing of the deal on Friday […] oil will flow on both ends again for the region, and the World!” He said Separate post.
Source: Donald Trump
Trump said dozens times in the last two month that a war-ending deal was imminent, and crypto markets were trading on the news since the Iran war began with US/Israeli attacks back in February.
Markets reacted positively According to TradingView, Bitcoin (BTC), which is the currency that Trump uses, reached $65,881 at Coinbase Monday. This is the highest price the asset has reached in the last twelve days. The asset had not traded above $66,000 before June 3.
Andri Fauzan, research director at Bitrue Research Institute and Cointelegraph, said that the potential deal was a “good one”. “removes a major geopolitical risk premium, triggering a clear risk-on move as uncertainty fades.”
“Bitcoin has broken above $65,000, fueled by traders rotating back into crypto amid lower oil pressure and a broader stability narrative under a pro-crypto administration,” He added but warned that there might be “last-minute signing issues” With the Deal
Details of the deal The Associated Press reported that the agreement between Iran and the US was not available immediately, but would be in effect once Iran signed, expected to happen on Friday, under the mediation of Pakistan. reported.
Related: Trump says Iran peace deal to be signed Sunday, contradicting Tehran
The agreement was confirmed on Iranian state TV by the deputy minister of foreign affairs, Kazem Garibabadi. Meanwhile, the Secretariat for the Supreme National Security Council in Iran said that the war would continue on all fronts. “will end immediately and permanently beginning tonight” The US Blockade “will be terminated immediately and in full.”
Bitcoin’s trend has gradually increased since its brief drop below $60,000 on 6 June. However, the price is still 48% less than when it peaked at over $126,000 last October.
The broader cryptocurrency market gained 2% on total capitalization that day. Several alternative coins, such as Hyperliquid (HYPE), Zcash ZEC and Near Protocol NEAR, were outperforming with some achieving double-digit percent gains.
WTI Crude fell 5%, to just above $80, its lowest price since March. Brent Crude followed suit, falling 4.6%, to $83.30.
Further volatility is possible
As the Federal Reserve makes its first rate decision as a new chair, Wednesday is likely to be a volatile day for crypto markets. Kevin Warsh.
While the new head of central banking appears more willing to cut, increasing inflation is what has been causing concern. topped 4% againThe case for a rate increase is strengthened by.
CME Fed Watch is a tool that allows you to monitor the CME Fed. predicts There is a 96% likelihood that rates remain at 3.5%-3.75%
Magazine: OpenAI files for IPO, SEC scraps 611 rule and Hungary overhauls crypto: Hodlers Digest
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Source: cointelegraph.com
