Bitcoin started to rise again towards $64,000 on Monday, June 8 following news of an “immediate ceasefire” between Israel and Iran. This brought relief to the market in the wake of new tensions between the two countries in the Middle East.
Bitcoin advances amid Trump’s ceasefire announcement
Bitcoin price reached $63,715, rising 1.78% on the day. It offset losses earlier in the day that came after Iran responded to Israel with strikes amid the conflict.
For context, Bitcoin price It fell just below $64,000 earlier in the day amid rising geopolitical tensions. However, it rebounded as oil prices fell sharply after the ceasefire talks.
In a mail “Both sides, Israel and Iran, look forward to an immediate ceasefire!” Trump wrote on Truth Social. He added that final peace talks are also underway but remain “vulnerable to ignorance or stupidity getting in their way.”
Trump also stated that “the blockade will remain in place, in full force and effect, until a ‘final agreement’ is reached.” Moreover, he hinted that diplomatic talks are already moving forward.
Iran suspends its military activity after recent strikes
The Bitcoin and cryptocurrency market’s reaction followed reports that Iran’s Joint Military Command halted offensive action after some recent clashes with Israel. Iranian officials said the latest confrontation was the first major escalation since the United States brokered a ceasefire agreement between Iran and Israel nearly two months ago.
Earlier, Tehran also threatened in the statement “a harsher and crushing response” if Israel or its allies expressed “aggression” against it in the future.
The clashes resulted from renewed tensions between Israel and Lebanon. Follow that Israeli strikes Regarding facilities linked to Hezbollah in Beirut. This led to Iranian retaliatory strikes on the Israeli army. At the time, the move sent Bitcoin plummeting as geopolitical instability increased.
