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Kritika Mehta
Highlights
Bitcoin rallied above $63,000 on Thursday after U.S. President Donald Trump released the final terms of a peace agreement between the United States and Iran. His comments alleviate fears of an escalation of the conflict in the Middle East.
On Thursday, June 11, Bitcoin surged by 2.28% to $63,173.68 at the time of writing after Trump’s latest Truth Social post. Earlier, BTC price had dropped around $62,300 as investors responded to the volatility in the markets after U.S. PPI data came in hotter than expected.
In a post on Truth Social, Trump announced he had “cancelled the scheduled strikes and bombings against Iran this evening” after progress in talks with Tehran.
Trump wrote that the decision to suspend military action is “based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved.”
He also said that “discussions and final points have been, in both concept and great detail, approved by all parties involved.” These include the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan and Egypt.
Trump also added that the “Time and place of the signing” would be announced shortly. However, he added that “The Naval Blockade will remain in full force and effect until this Transaction is finalized.”
The news lifted risk assets, allowing Bitcoin to bounce back from a setback to reclaim the $63,000 mark. The BTC price chart showed continued green candles after Trump’s latest announcement.
Earlier this week, Trump went as far as to say Iran will have to “pay the price” after the latter shot down an American Army helicopter. Thereafter U.S. military launched retaliatory strikes on Iran. Moreover, before announcing the peace deal, Trump even threatened to take over the Kharg Island.
At the time, Bitcoin suffered with volatility due to geopolitical tensions. In the beginning of the week, strikes between Israel and Iran also weighed on the BTC price and crypto market.
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