Bitcoin Approaches $66K After Trump Claims Iran Strait Deal
Bitcoin hit a two-week high after President Trump announced a toll-free deal for the Strait of Hormuz with Iran.
Bitcoin surged toward $66,000 on Tuesday, reaching its highest level in two weeks, after U.S. President Donald Trump stated that the United States and Iran had reached a deal to keep the Strait of Hormuz open toll-free.
Trump made the announcement during a press conference, saying the agreement would ensure unhindered passage through the vital oil shipping route. The Strait of Hormuz is a key chokepoint for global energy supplies, and tensions there have often roiled markets.
The remarks sparked a risk-on move across financial markets, with Bitcoin leading the rally among cryptocurrencies. The price rose nearly 4% on the day, briefly topping $65,800 before settling near $65,500.
Geopolitical developments have historically influenced Bitcoin, which some traders view as a hedge against instability. The latest gains also come amid broader bullish sentiment fueled by upcoming U.S. election dynamics and recent inflows into spot Bitcoin ETFs.