Bitcoin has sharply broken above the psychological $70,000 level following revelations that the U.S. and Iran are having talks to end the war. U.S. President Donald Trump said that both countries have had productive talks, and he has ordered the Department of War to halt strikes against Iran for now.
Bitcoin Jumps as Trump Reveals Peace Talks In Iran War
Bitcoin has climbed above $70,000, rallying above $71,000 and now up over 4% from an intraday low of around $67,000, according to TradingView data. The leading crypto and other crypto prices jumped as Trump revealed peace talks to end the Iran war.
Source: TradingView; Bitcoin daily chartIn a Truth Social post, Trump stated that the U.S. and Iran have, over the last two days, had “very good” and “productive” talks towards a complete and total resolution of the hostilities in the Middle East. Furthermore, he said that, given how constructive these talks have been and plans to continue throughout the week, he has instructed the Department of War to postpone all military strikes against Iran’s energy infrastructure for five days.
This marks a major turnaround in the Iran war, now in its fourth week. It also comes just over a day after Trump set a 48-hour deadline for Iran to reopen the Strait of Hormuz or have the U.S. strike its power plants. Following Trump’s threat, Bitcoin and the broader crypto market crashed, with BTC dropping to as low as $67,000 at midnight when the futures market opened.
This development also notably comes just two days after reports first surfaced that the U.S. was planning for potential peace talks with Iran. The U.S. has reportedly outlined six commitments it needs from Iran with a focus on the country’s nuclear weapons program.
Iran Denies Peace Talks
According to Iranian media FARS, there have been no direct or indirect talks between Iran and the U.S. Citing sources familiar with the situation, FARS reported that Trump retreated after Iran threatened to attack energy facilities in West Asia.
The Bitcoin price retraced slightly below $71,000 following this report from the Iranian media. Iran’s Foreign Ministry also denied any peace talks with the U.S. and accused Trump of trying to buy time while the regional de-escalation efforts move along.
As part of these de-escalation efforts, Axios reported that Turkey, Egypt, and Pakistan have aided in indirect talks between the U.S. and Iran. Meanwhile, Trump told Fox Business that both countries could reach a deal in the next five days. He also countered reports from the Iranian media, stating that the latest peace talks took place yesterday.
Crypto traders are now pricing in the possibility that the Iran war will end by May. Polymarket data show a 56% chance of a U.S.-Iran ceasefire by May 31. Interestingly, 10 fresh wallets on Polymarket yesterday bet over $160,000 on a ceasefire by the end of this month.
Source: PolymarketSource: https://coingape.com/bitcoin-spikes-as-u-s-and-iran-have-talks-to-end-war/
