Bitcoin’s impressive rally that began in August and culminated, for now, a few days ago with a surge past $87,000 could be in serious jeopardy as the tension in the Middle East has escalated once again.
The Wall Street Journal reported that US President Donald Trump has rejected Iran’s latest peace proposal and even warned that his country will resume bombing it after the November midterms.
Trump Says No
Citing officials familiar with the matter, the WSJ reported that Trump has rejected Iran’s proposal for a seven-day ceasefire and has told people close to him that he expects to restart the bombing after the midterms. This is in stark contrast to his stance from just a couple of weeks ago, when he claimed that the war would end immediately after the elections because “they can’t hold out any longer.”
Iran raised the diplomatic initiative at the United Nations General Assembly in New York, indicating that it has been transmitted to the US via Qatari mediators and could reopen the Strait of Hormuz and put an end to the attacks in the region within seven days.
They also said that they had reengaged with Saudi Arabian officials regarding the strategic waterway, highlighting the stakes of a seven-month-old conflict that has disrupted oil flows and taken a toll on the global economy.
“If there is seriousness on the US side to come to a deal and reopen the Strait of Hormuz, everything is now prepared,” said Iranian Foreign Minister Abbas Araqchi.
Pressure Back on BTC
Any major development on the US-Iran front has impacted bitcoin’s price ever since the war began in late February. The latest such example came last weekend when the US initiated a new round of attacks against Iran, which retaliated against regional targets. BTC’s ascent was stopped at $82,000, and it quickly retreated by a couple of grand.
It has been unfazed since then and even surged past $87,000 during the business week but has pulled back to $84,000 as of press time. The rejection of a ceasefire proposal and the threat of new attacks could worsen its situation again and halt its progress, which has seen it gain $20,000 since mid-August.
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