Oil and crypto markets posted contrasting reactions Monday following President Donald Trump’s announcement of Project Freedom.
Crude benchmarks saw modest declines, while the world’s largest cryptocurrency rallied to $80,000 in early Asian trading hours.
Risk Assets Rally on Trump’s Project Freedom
According to market data, Brent crude declined 0.16% to $108 a barrel. West Texas Intermediate (WTI) crude fell 0.29% to $101 at press time.
Bitcoin climbed to $80,000 before settling at $79,715 at the time of writing. The asset was up 1.9% over the past day.
On Sunday, President Trump announced “Project Freedom.” The operation is focused on escorting neutral foreign vessels out of the Strait of Hormuz, where ships have been stranded amid US-Iran tensions.
The project is set to begin Monday morning Middle East time. He framed initiative as a humanitarian gesture. Trump also warned that any interference would be met forcefully.
“Countries from all over the World, almost all of which are not involved in the Middle Eastern dispute going on so visibly, and violently, for all to see, have asked the United States if we could help free up their Ships, which are locked up in the Strait of Hormuz, on something which they have absolutely nothing to do with,” he wrote.
Following Trump’s post, the US Central Command (CENTCOM) confirmed it will deploy guided-missile destroyers, over 100 aircraft, unmanned platforms, and 15,000 service members to support the mission.
“The mission, directed by the President, will support merchant vessels seeking to freely transit through the essential international trade corridor,” the post read.
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Meanwhile, Trump struck an optimistic note on the diplomatic track, saying his representatives were holding “very positive” discussions with Tehran that could yield a constructive outcome for all sides.
Iran, however, signaled a different view. Ebrahim Azizi, a senior Iranian lawmaker, warned that any US interference in the Strait of Hormuz would be treated as a violation of the existing ceasefire.
“The Strait of Hormuz and the Persian Gulf would not be managed by Trump’s delusional posts! No one would believe Blame Game scenarios!” he said.
All eyes now turn to the operation’s launch and how Iran responds on the ground. Oil prices and risk assets remain highly reactive to these developments.
Thus, any escalation or breakthrough in the Strait of Hormuz could trigger moves across crude, equities, and crypto markets.
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The post Bitcoin Pushes to $80,000 as Trump’s Project Freedom Pressures Oil Prices appeared first on BeInCrypto.
Source: https://beincrypto.com/bitcoin-80k-trump-project-freedom-hormuz/
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