Bitcoin's rally toward $87,000 is under renewed pressure after the Wall Street Journal reported that President Trump rejected Iran's latest ceasefire proposal. Trump reportedly told people close to him that he expects to resume bombing after the November midterms, reversing an earlier promise that the war would end once the elections passed. Bitcoin has moved on every major US-Iran headline since the conflict began in late February.
Bitcoin's impressive rally, which began in August and culminated a few days ago with a surge past $87,000, could be in jeopardy again as Middle East tensions escalate.
The Wall Street Journal reported that Trump has rejected Iran's proposal and warned his country will resume bombing after the midterms.
Trump Rejects Ceasefire Proposal
Citing officials familiar with the matter, the WSJ reported that Trump rejected Iran's proposal for a seven-day ceasefire and told people close to him that he expects to restart the bombing after the midterms. That marks a reversal from just a couple of weeks ago, when he said the war would end immediately after the elections because "they can't hold out any longer."
Iran raised its diplomatic initiative at the United Nations General Assembly in New York, saying the offer had been transmitted to the US through Qatari mediators. Iran indicated the plan could reopen the Strait of Hormuz and end regional attacks within seven days. Iranian officials also said they had reengaged with Saudi Arabian counterparts over the strategic waterway, underscoring the stakes of a seven-month-old conflict that has disrupted oil flows and weighed on the global economy.
Bitcoin Feels the Pressure Again
Every major development on the US-Iran front has moved bitcoin's price since the war began in late February. Traders watching oil markets and other safe haven flows have seen the same pattern play out before. As a result, the latest reversal puts the token back in the same position it faced last weekend, when the US launched a new round of attacks against Iran and Iran retaliated against regional targets.
That episode stopped bitcoin's ascent at $82,000, and the token quickly retreated by a couple of grand.
Source: CryptoPotato
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