The Bitcoin price is rallying today after Iran’s President Masoud Pezeshkian said that they are ready to end the war as long as they get security guarantees. U.S. President Donald Trump had also signaled earlier in the day that they could soon end the war in Iran, providing a positive for the crypto market.
Bitcoin Price Rises Above $68,000 as Iran Ready To End War
Bitcoin has climbed above $68,000, up over 2% from an intraday low below $66,000, according to TradingView data. The leading crypto is currently trading at around $68,200, having rallied to as high as $68,400.
The Bitcoin price rally follows reports that Iran’s president said that they are ready to end the war, although he added that the U.S. must meet their demands and provide guarantees that the war won’t happen again. This comes hours after CoinGape reported that the U.S. President Donald Trump was ready to end the Iran war without reopening the Strait of Hormuz.
Trump had also told the New York Post earlier today that he believes that the Iran war would end soon and that the Strait of Hormuz would automatically reopen when the war ends. He also mentioned that he doesn’t believe that they have any reason to be in Iran much longer, seeing as they have achieved their objectives of ensuring that Iran doesn’t have a nuclear weapon.
However, it remains uncertain whether the U.S. will be able to meet Iran’s demands, even as the BTC price rallies in hopes of an imminent end to the war in Iran. The demands include ending the acts of aggression, ensuring that the war doesn’t recur, payment of war damages and reparations, ending the war against Iran’s proxies, and granting Iran sovereignty over the Strait of Hormuz.
Oil Prices Tumble On Deescalation Hopes
Oil prices have fallen on hopes that the war between the U.S. and Iran could soon end, which is also contributing to the Bitcoin price rally today. Brent crude oil futures have fallen to $105, down almost 4% on the day.
WTI futures have also fallen to $101 per barrel, down almost 2% today. Another positive for the Bitcoin price and other crypto prices is that the Strait of Hormuz is seeing increased traffic amid negotiations between the U.S. and Iran.
Bloomberg data shows that weekly two-way transits along the Strait rose to an average of seven oil vessels through yesterday, up from five in the previous week. Meanwhile, despite the recent comments from Iran’s president and Trump, crypto traders are still betting against a ceasefire by April. There is only a 38% chance of a U.S.-Iran ceasefire by April 30, according to Polymarket data.
