A surprise Middle East peace pact between the US and Iran sent shockwaves through global markets, causing Bitcoin to surge over 10% to nearly $66,000.
The proposed agreement, announced by President Trump on his 88th birthday, has been met with skepticism as it appears to be more of an extended ceasefire than a comprehensive peace deal.
In the words of Scott Melker, host of The Daily Wolf on Yahoo Finance, 'it's a historic peace deal... or at least a 60-day memo to agree to talk about agreeing.' This tentative agreement has given markets a glimmer of hope, and traders are flocking to Bitcoin as a safe-haven asset.
But what's driving this rally in Bitcoin? According to Melker, it's not the peace deal itself, but rather the market's reaction to it. 'Markets love any news,' he notes, and the uncertainty surrounding the agreement has sparked a buying frenzy in cryptocurrencies.