After several days of reports suggesting a peace deal might not be imminent—which had increased selling pressure across the crypto market—U.S. President Donald Trump announced the opposite just hours ago.
The market reacted quickly: Bitcoin wiped out nearly all of Friday and Saturday’s losses and jumped toward $77,000.
Peace Deal Coming Soon?
CryptoPotato reported yesterday that the latest updates from the U.S.–Iran front indicated the United States might be preparing for additional strikes. Those rumors intensified when the president missed his son’s wedding to remain in the White House for meetings with senior military leaders.
Overnight follow-up reports, however, suggested that the U.S. and Iran could actually be “getting a lot closer” to finalizing an agreement. Hours later, Trump posted on his social media platform that his administration had a “very good call” with leaders from several regional countries—including Saudi Arabia, the UAE, Qatar, Pakistan, Türkiye, Egypt, Jordan and Bahrain—about Iran and “all things related to a Memorandum of Understanding pertaining to PEACE.”
His post indicated that an “agreement has been largely negotiated, subject to finalization” between the parties and the regional nations. He also noted he spoke with Israel’s prime minister and that the conversation 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.”
Reports from Iran and the U.S. continue to conflict. Iran’s Fars News Agency claimed that U.S. officials have told Iranian contacts that Trump’s posts are largely promotional and intended for domestic media consumption, advising not to place much weight on them. Meanwhile, the New York Times reported that Iran had agreed to relinquish its highly enriched uranium under the proposed deal.
BTC Price Rebounds
Bitcoin had fallen from above $77,000 on Friday to a monthly low near $74,200 amid renewed Middle East tensions and other factors. After Trump’s post, BTC surged back to just over $77,000 before pulling back slightly and is now trading slightly below that level.
Most altcoins followed bitcoin’s rebound. Ethereum climbed above $2,100 after dipping to $2,000 the previous day. Tokens such as NEAR, ONDO, MORPHO, and HYPE posted even larger gains. According to CoinGlass data, more than $300 million in short positions were liquidated during the market’s upward move.