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Bitcoin experienced a slight increase following reports of a ceasefire in Iran, while oil prices declined by 4%.
An Israeli television report suggested that a one-month ceasefire might be announced shortly.
Bitcoin increased following reports of a potential ceasefire (Jakub Żerdzicki/Unsplash)
Key points:
- An Israeli TV station reported that a one-month ceasefire related to the Iran conflict could be announced soon.
- This information caused crude oil prices to drop by over 4% while bitcoin rose approximately 1%.
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A day that was already negative for cryptocurrencies became slightly less so after the closing of U.S. stock markets.
Israeli Channel 12 indicated that a one-month ceasefire might soon be declared as part of negotiations involving White House representatives Steve Witkoff and Jared Kushner.
Other aspects of the agreement are said to involve the dismantling of Iran’s current nuclear capabilities and the country’s commitment to “never pursue” nuclear weapons.
The impact was most immediate in the oil market, with Brent Crude prices falling from $104 to under $100 in a matter of minutes.
As trading continued throughout the day and bitcoin hovered around $69,000, it swiftly rebounded to $70,000. U.S. stock index futures also gained slightly following this news.
