Bitcoin's price surged towards $71,000 after Trump announced a pause on Iran strikes, amidst mixed reactions from the crypto market and geopolitical tensions.
Bitcoin's value surged by 3.4%, bringing its price close to $71,000, following U.S. President Donald Trump's announcement of a five-day pause on military strikes against Iran.
As of now, Bitcoin is trading around $70,900, while Ethereum saw a notable increase of 6% to $2,200. Other cryptocurrencies like BNB, XRP, and Solana also experienced gains ranging from 3% to 4%.
In the last hour alone, the crypto market recorded liquidations totaling $374 million, with daily figures surpassing $782 million.
Trump mentioned that negotiations with Iran had been "very good and productive." He stated, “Based on these constructive negotiations, I have instructed the Department of Defense to delay strikes on Iranian energy infrastructure for five days, depending on the success of ongoing discussions.”
Iran Refutes U.S. Claims
However, Iranian sources denied Trump’s assertions, with the Tasnim agency labeling his comments as "psychological warfare." Reports from Reuters confirmed that there were no discussions taking place, as the Iranian administration noted they are only negotiating with Oman regarding shipping routes in the Strait of Hormuz.
Meanwhile, Israel affirmed its intent to continue strikes on Iranian targets. Iranian Foreign Minister Masoud Pezeshkian's administration underscored that negotiations about maritime shipping are exclusively with Oman, where Foreign Minister Badr al-Busaidi indicated efforts are ongoing to address these issues.
On March 21, Trump had threatened to destroy Iran's energy infrastructure if the country did not open the Strait of Hormuz within 48 hours, which prompted threatening responses from Iranian military leaders targeting U.S. bases and Israeli facilities.
The crypto community reacted with skepticism and humor to the news, with one user joking about going long on Bitcoin based on Trump's remarks about negotiations.
Market Response
The broader financial markets mirrored the bullish sentiment, with the S&P 500 futures index climbing nearly 2%, dubbed a "God Candle" in trading circles. Conversely, Brent crude oil prices fell sharply by over 14%, dropping to $96 per barrel, while European gas prices followed suit.
Gold prices rebounded significantly, recovering to nearly $4,440 per ounce, while the U.S. dollar index dipped to 99.1.
Interestingly, on March 23, trading volumes for oil and silver on Hyperliquid surpassed those of Solana and XRP.
