Bitcoin managed to rally from the $63,500 mark in early trading today to post to surge above $63,900. Now, the BTC price is approaching the $64,000 level again as U.S. Donald Trump confirmed a deal with Iran today.
Bitcoin Rebounds With Trump’s Announcement On US-Iran Deal
As of press time, Bitcoin traded at $63,949.08 albeit with a slight increase of 0.14% on Saturday, June 13. The BTC price chart showed green candles in the 24-hour timeframe.
The price movement came after Trump’s comments on Truth Social laying out the details of a future deal with Iran. Moreover, he offered a harsh criticism of the country’s previous deal on the nuclear issue.
In reference to the JCPOA agreement, President Trump wrote: “Barack Hussein Obama’s Deal with Iran, the JCPOA, was an easy, beautiful, smooth road to a Nuclear Weapon.”
He contrasted it with his administration. Trump wrote, “My Agreement with Iran is the exact opposite, A WALL TO NO NUCLEAR WEAPON!” He even declared, “The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL.”
During times of increased tension with Iran, the Strait of Hormuz, a vital shipping route for much of the world’s oil supply, has been a point of interest in markets. The news of its reopening helped pave the way for a reappraisal of sentiment on commodities and crypto markets. In such situations, traders mostly take note of the prospect of a lessening of geopolitical risk premiums.
US Pushes For Nuclear Agreement With Iran
Trump also said he was pushing for a long-term agreement on nuclear restrictions. He added, “In fact, they no longer want a Nuclear Weapon, nor will they have one, either through purchase, development, or any other form of procurement.” Trump also explained contingency plans as he added, “we have the ultimate alternative, hopefully never to be used again!”
Bitcoin’s rally coincided with the increased focus on macroeconomic news throughout the market. Earlier, in the day, Pakistan PM Shehbaz Sharif revealed that a US-Iran deal will be finalized within 24 hours. This announcement also helped fuel stability in the crypto market amid the consolidation period.
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