Trump-Iran Deal Sends Crypto Markets Soaring Amid Ongoing Middle East Conflict

Crypto markets have seen a significant boost following US President Donald Trump's comments on a potential deal with Iran.

In a recent post on Truth Social, Trump threatened Iran with severe consequences if the Strait of Hormuz is not reopened. However, he also expressed optimism about a 'good chance' of a deal within 24 hours, stating that Iran is currently negotiating.

The mixed signals from Trump have contributed to a 2.5% increase in total market capitalization to $2.44 trillion, with Bitcoin reaching $69,500 on Coinbase. The surge has also led to significant liquidations, with around $255 million of short positions being closed over the past 24 hours.

The ongoing war in the Middle East and the closure of the Strait of Hormuz have pushed crude oil prices back up to about $112 per barrel, adding pressure to global inflation. A report from Axios suggests that a 45-day ceasefire is being discussed among the US, Iran, and regional mediators, further complicating the situation.

The impact on global markets remains uncertain, but it appears that Trump's comments have had a significant effect on crypto markets.