US-Iran Deal Report Triggers Bitcoin Price Surge and Volatility

The cryptocurrency market witnessed intense fluctuations following reports that Iran and the US are inching closer to a deal on the Strait of Hormuz.

Bitcoin's price surged to a 12-week peak of just under $80,000 before being rejected and plummeting to below its starting point. This sudden movement was largely driven by speculation surrounding the potential deal, which could lead to increased economic stability and, in turn, boost market sentiment.