Bitcoin rebounds after Trump cancels Iran strikes

Bitcoin ↘ 0.29% rebounded approximately $1,500 on Sunday morning after US President Donald Trump announced he had canceled planned military strikes against Iran, reversing a slide that had taken the cryptocurrency to a multi-week low near $62,000 on Saturday evening.

De-escalation Sparks Rally

Trump posted on Truth Social late Saturday that Iran and other Middle Eastern nations had asked him to hold off on further attacks because "the perimeters of a deal" had been agreed to. The proposed arrangement would include "the Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat," Trump wrote.kcra+2

"Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL," he added, stating that Israel had joined the commitment.nytimes+1

Bitcoin had dropped to $62,200 on Saturday evening — an 18-day low — as tensions escalated with new planned strikes. The announcement triggered an immediate rebound to around $63,500. Most large-cap altcoins also turned green, with Cardano's ↗ 0.04% native token surging 9% to $0.185 as the top performer of the session.cryptopotato+3

Iran Denies Deal Claims

Iran quickly pushed back on Trump's framing. According to the Times of Israel, Tehran denied it had asked Trump not to strike or that it had agreed to any deal to split control of the Strait of Hormuz. Al Jazeera reported there was "no clarity on this from either side or any regional mediating country".timesofisrael+1

Oil prices rose on Iran's denial, though Bitcoin held near $63,100 with minimal reaction to the contradiction, according to Yahoo Finance.

Broader Context

The back-and-forth is the latest episode in a conflict that has roiled markets since the US and Israel launched strikes on Iran in late February. Iran has largely closed the Strait of Hormuz — a conduit for roughly 20% of the world's oil — since early March, and prior attempts at a deal, including a framework signed in June, have collapsed amid mutual accusations.wikipedia+3

CryptoPotato noted that war developments have had the most consistent impact on Bitcoin's recent price moves, with "essentially every de-escalation" bringing renewed optimism to the market. The actual test for this latest rally may come Monday morning when traditional markets open.cryptopotato