Bitcoin Price Skyrockets Past $65K as Trump Confirms Iran Deal

US President Donald Trump's announcement that the deal with Iran is complete has sent shockwaves through the cryptocurrency market, causing Bitcoin's price to jump past $65,000 for the first time in ten days.

The news came after a day of intense speculation following reports from the Middle East that put the promise of an agreement into doubt. However, Trump confirmed on his social media platform that Iran and the US have reached a deal to halt the former's attempts to develop or purchase nuclear weapons.

Bitcoin's price had remained relatively calm in anticipation of the announcement, trading between $63,500 and $64,800 before dipping below $64,000 just minutes before Trump's statement. However, the news sent an immediate price uptick, causing Bitcoin to jump past $65,000 for the first time since June 4.

The total value of wrecked short positions has jumped to $170 million in the last hour alone, according to data from CoinGlass. Other cryptocurrencies such as Ethereum, SOL, and HYPE also saw significant price increases, with ETH soaring past $1,700, SOL tapping $70, and HYPE rocketing by 4% in an hour.