Bitcoin price rebounds to $77,000 after Trump signals about peace deal with Iran

U.S. President Trump issued a statement suggesting that a peace agreement with Iran is imminent, which eased market concerns about escalating tensions in the Middle East. After the price of Bitcoin soared to $77,000, the price of Bitcoin rebounded strongly.

The digital currency market has come under severe selling pressure over the past few days amid fears of a new wave of military escalation between the United States and Iran, especially following reports of possible new attacks in the region.

But that quickly changed after overnight reports suggested Washington and Tehran were closer to a final deal.

Trump revealed in a post on social platforms that his administration had had good calls with leaders of multiple countries in the region, including Saudi Arabia, the United Arab Emirates, Qatar, Turkey, Egypt and Jordan, to discuss the Iran issue and peace-related understandings.

He added that the agreement had been largely negotiated and final details were still being discussed ahead of a formal announcement, noting that the Strait of Hormuz would be open within the scope of the agreement.

Although the United States and Iran continue to issue some conflicting reports, the market has reacted quickly to these statements, with Bitcoin recovering most of its recent losses after falling to $74,200 over the weekend.

Ethereum has also risen above $2,100 again after falling into the $2,000 range, while currencies like NEAR, ONDO, and HYPE have recorded strong gains in the past few hours.

CoinGlass data shows that as the market rose, more than $300 million worth of short-selling positions were liquidated.

Also read:

Despite the earlier decline of 25%: HYPE digital currency reaches new high?

Five Reasons Why Bitcoin Drops to $75,000… Will Losses Pile?