đ Bitcoin rallies 2.3% after Trump calls Iran peace proposal âtotally unacceptableâ
Bitcoin briefly dipped before surging over $82,000 on Sunday as US President Donald $TRUMP
rejected Iranâs counteroffer to a peace deal, which could prolong tension in the Middle East.
âI donât like it â TOTALLY UNACCEPTABLE, Trump said in a post to Truth Social on Sunday after reading Iranâs proposal to end the war. Iran has previously requested that the US pay for war reparations and unfreeze blocked Iranian financial assets.
Bitcoin ($BTC ) fell from $81,430 to $80,520 within 45 minutes of Trumpâs post before whipsawing nearly 2.3% to $82,347 less than three hours later, according to CoinGecko data. Bitcoinâs rise also resulted in nearly $64 million worth of short positions being wiped out over the last four hours.
The US-Iran war and dispute over control of the Strait of Hormuz â which handles one-fifth of oil trade â has caused significant disruption in the financial markets over the past ten weeks, particularly in oil markets, which rose another 4.6% to $98.7 per barrel on Trumpâs latest comments.
Trumpâs refusal to accept Iranâs counteroffer dashes hopes of an imminent end to the war on Wednesday. Israeli Prime Minister Benjamin Netanyahu also said the war wonât be over until Iranâs uranium sites are dismantled.
đ¸ Bitcoin could see more regulatory momentum in US this week
Bitcoinâs strength at the $80,000 level could be supported by two favorable decisions in the US Senate this week, 10x Research CEO Markus Thielen told Cointelegraph.
âTwo catalysts stand out this week,â a Senate vote on Monday for Kevin Warsh's confirmation as Federal Reserve chair and the Senate Banking Committeeâs markup on the CLARITY Act on Thursday, Thielen said.
Thielen noted that while âWarsh is widely regarded as more hawkish on inflationâ than the current Fed Chair, Jerome Powell, his confirmation would remove âuncertainty overhang.â
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