US President Donald Trump has put off planned military strikes on Iran, pending a decision on whether to pursue a deal or take military action by Sunday. The move follows intense lobbying from Gulf allies, who requested that Trump reconsider the strike plans.
The standoff between the US and Iran has been escalating over the past few weeks, with Tehran rejecting a US peace proposal and Washington imposing new sanctions. The collapse of previous nuclear agreements has added to the tensions, making it increasingly difficult for both sides to reach a compromise.
As a result of the uncertainty, Bitcoin and other cryptocurrencies have plummeted in value, reflecting market fears of potential conflict and its impact on global oil supply and financial markets.