Cryptocurrency rebounds sharply after U.S. President Trump reveals progress on Iran peace agreement negotiations.
Bitcoin jumped to $76,700 late Saturday following President Trump’s announcement of a largely negotiated Iran peace agreement. The cryptocurrency had earlier fallen to nearly $74,000 amid a 4% decline before the news reversed its trajectory.
The agreement, which Trump said includes reopening the Strait of Hormuz, follows heightened geopolitical tensions that had weighed on risk assets. Bitcoin had underperformed the S&P500 for an extended period but recently broke out of that trend in early May.
Analysts suggest persistent inflation and high oil prices could further support bitcoin’s outperformance against traditional assets like stocks and bonds.