Bitcoin Tops $71,000 as Trump Postpones Iran Power Plant Strike Plans

Bitcoin surged to highs supra $71,000 Monday morning, arsenic U.S. President Donald Trump announced the postponement of planned strikes against Iranian powerfulness plants.

Bitcoin is presently trading astatine astir $70,000, up 2.5% connected the day, aft reaching an intraday precocious of $71,224, per CoinGecko data, though it remains down connected the week by immoderate 5%.

Per CoinGlass, immoderate $791 cardinal successful leveraged positions person been wiped retired crossed the crypto market, $425 cardinal of which were longs.

In a post connected Truth Social, Trump touted "productive conversations" regarding a cessation of hostilities successful the Middle East, announcing that helium had instructed the U.S. subject to intermission planned strikes against Iran's powerfulness plants and vigor infrastructure for 5 days, pending further meetings.

The announcement follows a post Sunday successful which Trump threatened to "obliterate" Iran's powerfulness plants if the Strait of Hormuz was not reopened wrong 48 hours, though the president's astir caller connection was unclear connected what the "detailed" conversations had revolved around.

Markets reacted rapidly to Trump's announcement, with golden bouncing backmost from lows of $4,101/oz Monday greeting to its current price of $4,413/oz. Oil prices slipped, with Brent crude dropping from highs supra $113 to a debased of $98, earlier recovering to its existent terms of $105.91 per information from Trading Economics, portion WTI plunged by much than 10% to astir $88.5 per barrel, earlier settling astatine astir $93.

On Myriad, a prediction marketplace owned by Decrypt's genitor institution Dastan, users turned markedly much bullish connected Bitcoin's prospects, present putting a 49% chance connected its adjacent determination taking it to $84,000 alternatively than $55,000—up from lows of 41% earlier successful the day.