Simply put
- Bitcoin soared to a three-month high on Wednesday after reports that the United States is nearing a deal to end the war with Iran.
- The reported one-page memorandum between the United States and Iran provides for lifting sanctions, halting nuclear enrichment, and reopening the Strait of Hormuz within 30 days.
- Users of prediction market Myriad give an 87% chance that Bitcoin will next rise to $84,000.
Bitcoin soared to a three-month high on Wednesday following reports of a peace framework between the US and Iran and the restoration of safe navigation in the Strait of Hormuz.
The White House believes it is close to reaching an agreement with Iran on a one-page, 14-point memorandum of understanding to end the war. Axios The report cited four sources familiar with the matter.
The document, negotiated by U.S. special envoys Steve Witkoff and Jared Kushner, declares an end to hostilities and provides a 30-day grace period for detailed talks on the passage of Hormuz, Iran’s nuclear program, and the lifting of U.S. sanctions.
Iran’s Revolutionary Guards Navy separately announced that it may allow safe navigation through the Strait of Hormuz following the suspension of U.S. naval operations in the region, state media reported.
Bitcoin It is trading at around $82,330, up 1.4% in the past 24 hours, according to CoinGecko data. The S&P 500 rose 0.85% to a new all-time high of 7,366.25.
Meanwhile, West Texas Intermediate crude oil fell more than 10% to $93 a barrel, easing a major source of inflationary pressure that had kept interest rate cut expectations in check.
Since the start of the conflict, Bitcoin has registered a 25% increase, compared to an 8% decline in the S&P 500 index and an 11% decline in gold.
Bitcoin’s daily relative strength index, a momentum indicator that ranges from 0 to 100, hit 71 on Wednesday, its highest level in seven months since when Bitcoin hit an all-time high of $126,080.
Prediction Market Myriad Users (Owned) decryption Parent company Dastan estimates there is an 87% chance that Bitcoin’s next big move will rise to $84,000 rather than fall to $55,000, up from 85% on Tuesday. Meanwhile, myriad sentiments on oil prices have changed, with users now pegging WTI crude oil at 60%, jumping from about 74% to $120 as of yesterday.
The United States expects Iran to respond on several key provisions within 48 hours. Axios He warned that nothing had been formally agreed. Iran said it would only accept a deal if it was “fair.” Even if negotiations break down, the U.S. military would retain the ability to restore the blockade or resume military operations, according to the report.
President Trump highlighted the risks in a post on Truth Social on Wednesday. “Assuming Iran agrees to give what was agreed to, which is probably a long shot, the already legendary Epic Fury will end and a very effective blockade will open the Strait of Hormuz to everyone, including Iran,” Trump said. “If they don’t agree, the bombing will start, but sadly it will be at a much higher level and intensity than before.”
