Bitcoin rallies to $65K despite ongoing Iran uncertainty. President Trump stated there are no ongoing talks with Iran.
BTC trades around $64,7250. This is up from an intraday low below $64,000. Oil prices edged higher alongside the rally.
Why Bitcoin rallies to $65K
Trump posted on Truth Social on August 19. He said no talks or conversations are ongoing. No talks are scheduled as the war approaches 6 months.
“The Naval Blockade remains in full force and effect,” Trump said. “The Hormuz Strait is open and operating. All water mines have been removed or detonated.”
This follows earlier reports of a potential ceasefire extension. Those reports came after last month’s escalations.
Trump previously portrayed the Hormuz Strait as new US territory. Nevertheless, Iran maintains the strait remains closed. Iran says it won’t reopen until the US meets its demands.
Trump said Iran wants to make a deal. Nevertheless, they are unwilling to accept his terms. Uncertainty continues to pressure global markets. Energy prices threaten to drive inflation higher.
Bitcoin breaks above $64K
Bitcoin broke above $64,000 yesterday. Strategy revealed it didn’t sell any BTC last week. This followed two consecutive weeks of sales that had pressured Bitcoin.
BTC is also up ahead of Trump’s meeting with crypto executives tomorrow. The meeting could provide optimism around the CLARITY Act.
Inflation fears still linger. The US-Iran war shows no signs of ending. Nevertheless, Polymarket shows Fed rate hike odds have fallen to 49%. This is down from a recent high above 60%.