Bitcoin tops $79K, oil falls as Trump says Iran war could end
Bitcoin’s price rose toward $80,000 after US President Donald Trump hinted that the US-Iran war would end, pushing oil prices lower.
Bitcoin (BTC) surged past the $80,000 mark following US President Donald Trump's hint that the US-Iran war could come to an end. This caused oil prices to drop as markets reacted to mixed signals about the potential resolution of the conflict. According to TradingView data, BTC/USD recovered its weekend losses and rose by around 3% on the day.
Donald Trump's tweet on Truth Social boosted expectations of a peace deal with Iran, signaling potential benefits for crypto assets. US equities opened higher on Monday but later fell amid uncertainty over key oil transit routes in the Middle East, including the Strait of Hormuz and the Bab El-Mandeb Strait. At the time of writing, US WTI crude oil was above $100 per barrel, while Brent crude traded at $105 per barrel.
Trump further predicted lower oil prices if the conflict ended, contributing to a dip in oil prices. The Federal Reserve's likelihood of raising interest rates stood at 92.7%, up from 59.4% a week ago, as markets anticipated a 25-basis-point hike to 3.75-4%. QCP Capital, a trading company, suggested that prolonged high oil prices could pressure US financial policy, potentially leading to higher inflation expectations and constraining the Fed's ability to ease restrictions despite slowing economic growth.
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