Following US President Donald Trump's update on progress toward a peace deal with Iran, the cryptocurrency market capitalization grew by approximately $75 billion. On his Truth Social page, Trump stated that an agreement between the US, Iran, and several Middle Eastern nations has been "largely agreed upon." This is reported by Cointelegraph.com .
The negotiations involved countries such as Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, Egypt, Jordan, and Bahrain. According to Trump, this deal, which is in its final stages, also includes the reopening of the Strait of Hormuz. The closure of this waterway had caused a sharp rise in global energy prices and increased the cost of living in many countries.
Geopolitical tensions have recently negatively impacted investments in high-risk assets like Bitcoin, driving their prices down. US Secretary of State Marco Rubio also confirmed Trump's demands, emphasizing that Iran must never possess nuclear weapons and must surrender its enriched uranium.
According to TradingView data, the price of Bitcoin fell to a five-week low of $74,250 on Saturday. However, against the backdrop of positive news, the asset reached the $77,000 mark on Sunday morning. Currently, BTC is trading around $76,800.
Nevertheless, Bitcoin remains in a general downward trend as it failed to break through the $82,000 resistance level. The cryptocurrency is still 39 percent below its October peak.
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