Trump Announces Progress on Iran Deal, Crypto Markets React

US President Donald Trump's announcement of a 'largely negotiated' peace agreement between the US, Iran, and several Middle Eastern countries has sent shockwaves through international markets.

The deal, which is subject to finalization, includes reopening the Strait of Hormuz, a key waterway that had been closed due to the conflict. The closure had significant implications for global energy prices and weighed heavily on high-risk assets such as cryptocurrency.

Bitcoin prices fell to a five-week low of $74,250 on Coinbase in response to the tensions, but recovered to tap the 50-day exponential moving average at $77,000 before falling back to $76,800. The asset remains down 39% from its October peak.