Bitcoin Price Surged to $77K After Trump Signals Major Iran Peace Breakthrough

However, the reports coming from both sides continue to contradict in some manner.

After a few days of highlighting threats that a peace deal might not be reached soon, which increased the selling pressure on the crypto market, US President Donald Trump announced the opposite hours ago.

The effects were immediate as bitcoin erased almost all Friday and Saturday losses, jumping to $77,000.

Peace Deal Coming Soon?

CryptoPotato reported yesterday that the latest reports at the time on the US-Iran war front indicated that the former might be preparing for new attacks. The rumors intensified when the POTUS skipped his son’s wedding to remain in the White House for meetings with top military personnel.

However, follow-up reports coming during the night suggested that the US and Iran might actually be “getting a lot closer” to finalizing a deal. Hours later, Trump posted on his social media platform that his administration had a “very good call” with the leaders of multiple countries in the region, such as Saudi Arabia, the UAE, Qatar, Pakistan, Türkiye, Egypt, Jordan, Bahrain, regarding the Islamic Republic of Iran, and “all things related to a Memorandum of Understanding pertaining to PEACE.”

Moreover, his post indicated that an “agreement has been largely negotiated, subject to finalization” between the two sides and the various countries in the region. He added that he spoke with Israel’s Prime Minister, which went “very well.”

“Final aspects and details of the Deal are currently being discussed, and will be announced shortly. In addition to many other elements of the Agreement, the Strait of Hormuz will be opened.”

More reports coming from Iran and the US continue to contradict, though. For instance, Iran’s Fars News agency claimed that “American officials have acknowledged in multiple messages to Iran that Trump’s posts are primarily for promotional purposes and media consumption within the US, and they have recommended that no attention be paid to these statements.”

The NYT, on the other hand, said Iran had agreed to give up its highly enriched uranium under the new deal.

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BTC Price Rebounds

As mentioned above, the primary cryptocurrency plunged from over $77,000 on Friday to a monthly low of $74,200 in response to the threats of escalating tension in the Middle East, among a few other reasons. However, it jumped to just over $77,000 after Trump’s statement before it was stopped and now trades inches below it.

Most altcoins have followed suit, with ETH surging to over $2,100 after it dipped to $2,000 yesterday. NEAR, ONDO, MORPHO, and HYPE have marked even more significant gains today. Over $300 million worth of shorts have been wrecked on the crypto market’s way up, according to CoinGlass data.