Crypto prices moved higher after mixed signals from Donald Trump on a possible deal with Iran, while reports of a potential ceasefire boosted market sentiment.
The overall crypto market rose about 2.5%, adding roughly $70 billion in value and reaching an 11-day high. Bitcoinclimbed to around $69,500 during early Monday trading.
Trump warned that Iran could face severe consequences if it does not reopen the Strait of Hormuz, but also said negotiations are underway and a deal could be reached soon. He suggested there is a “good chance” of an agreement within 24 hours.
Reports of a possible 45-day ceasefire have added to optimism, even as uncertainty remains high due to ongoing tensions in the region.
The market move triggered about $255 million in liquidations over the past 24 hours, with most losses coming from traders betting prices would fall.
Meanwhile, rising oil prices linked to the conflict have increased concerns about inflation and economic pressure, adding to the broader market uncertainty.
Featured image from: cointelegraph.com