Trump said the Strait of Hormuz might be reopened soon.
Bitcoin’s price is on the move today, prompted by the latest developments on the US-Iran war front, but this time in the opposite direction.
After it slipped to another multi-week low yesterday evening, the cryptocurrency has rebounded by approximately $1,500 and now sits at around $63,500. The reason for this is the major de-escalation announced by the POTUS hours ago.
US President Trump announced on his social media platform, Truth Social, that although his country’s military remains “locked and loaded” to continue attacking Iran, they were asked by the Middle Eastern country and other nations in the region to pause the strikes for now.
He added that those countries are working on a new deal that would include the “immediate, complete and total opening of the Hormuz Strait, and an end to Iran’s nuclear threat.”
“Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL. The Country of Israel joins me in this commitment. Get to work, everybody, and get it DONE.”
As mentioned above, BTC reacted immediately with a notable rebound. It had dipped to an 18-day low at $62,200 yesterday evening as the tension between the two had increased once again, with new planned strikes. In addition, there are other factors, such as ETF exodus and technical indicators, that suggested the cryptocurrency could face another leg down soon.
For now, though, the war developments appear to have the most significant impact on bitcoin’s price moves, and essentially every de-escalation brings back hope to the market. The actual impact is likely to be experienced on Monday morning, as it has happened numerous times in the past several weeks.
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