Bitcoin surged to nearly $69,000 following an announcement that U.S. President Donald Trump will deliver an address on Iran. The cryptocurrency’s price exhibited extreme volatility, dropping as low as $65,000 earlier in the week amid conflicting reports about the potential end to the conflict and military pressure in the Strait of Hormuz.
Bitcoin’s price tapped a multi-day peak of almost $69,000 amidst market-wide volatility fueled by major developments in the Iran conflict. This latest move coincided with reports that President Trump will give an important update on the topic.
The announcement was stated by The Kobeissi Letter, which said the address would occur Wednesday at 9 PM ET. Speculation is rampant due to contrasting statements from the administration and regional actors in recent days.
Earlier, the Trump administration said the U.S. could “be done” in Iran within two to three weeks. However, Wall Street Journal coverage claimed Gulf Stream nations pushed for the war to continue as the UAE prepared to help open the Strait of Hormuz by force.
Iran’s President said his country is ready to end the war under certain guarantees. Several European states, including Spain, Italy, and France, continue to deny providing any military support to the U.S.
Bitcoin dropped to $65,000 on Monday morning before jumping to $68,400 on Tuesday. It dipped again to $66,000 and then neared $68,800 minutes after the news about Trump‘s upcoming speech went live.
