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Bitcoin price volatility made a strong comeback at the start of the week, with prices continuing to move around $67,000 after a relatively calm period over the weekend that saw prices jump to around $69,600.
It seems that the main driver of this rise is a report that talks about the possibility of the United States and Iran reaching a temporary 45-day truce brokered by regional parties, in the hope that this will pave the way for a permanent end to the conflict.
According to reports circulating, this move is a last-ditch effort to avoid a potentially major upgrade to civilian infrastructure.
Previously, the US president issued a series of sharp statements, setting a deadline for Iran to reopen the Strait of Hormuz, and directly threatening military escalation if it does not comply with the regulations.
Risk appetite improved rapidly as news of possible talks emerged, and this was reflected in the market, with U.S. stock index futures recovering from losses, while Bitcoin prices rose.
But the situation remains unclear, as reports suggest the chances of an actual deal being reached before the deadline expires remain slim.
That raises questions about market reaction if talks fail, and whether the deadline will be extended again or move towards a new escalation.
As such, the current rise in Bitcoin prices remains closely tied to political developments, meaning the market may remain vulnerable to sudden swings in the period ahead.
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