Bitcoin’s price rose toward $80,000 after US President Donald Trump hinted that the US-Iran war would end, pushing oil prices lower.
Bitcoin (BTC) returned to $79,000 after Monday’s Wall Street open as markets dissected mixed signals over the US-Iran war.
Data from TradingView showed BTC/USD erasing its weekend losses and gaining around 3% on the day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Crypto saw fresh upside as US President Donald Trump boosted prospects of a peace deal with Iran.
“The failing Nation of Iran wants to make a deal, quickly and badly. I will determine whether or not the U.S.A. will choose to engage - The concept of which we are open to,” he wrote in a post on Truth Social.
US equities initially gained at Monday’s Wall Street open but subsequently turned red amid ongoing uncertainty over the fate of key oil-transit routes in the Middle East. The S&P 500 was down 0.3% at the time of writing.
In addition to the Strait of Hormuz, both Saudi Arabia’s East-West pipeline and the Bab El-Mandeb Strait were under threat as the conflict expanded beyond Iran.
US WTI crude oil remained above $100 per barrel at the time of writing, while Brent crude traded at $105 per barrel.
CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView
Trump later doubled down on his prediction of lower oil prices while also alluding to an end to the Iran conflict, causing oil prices to dip.
“With the temporary exception of Oil, prices are coming down sharply, and Oil will drop like a rock as soon as the Military Conflict with Iran is over, and that will not be long,” a separate Truth Social post read.
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