Bitcoin Surges to Over $71,000 Amid Trump's Iran Power Plant Strike Postponement

Bitcoin's price surge to over $71,000 on Monday morning was largely attributed to the US President Donald Trump's decision to postpone planned strikes against Iranian power plants.

The move, which was announced via a post on Truth Social, followed 'productive conversations' regarding a cessation of hostilities in the Middle East. According to Trump, he had instructed the US military to pause planned strikes for five days pending further meetings.

Markets reacted quickly to the announcement, with gold prices rising by over 8% to $4,413/oz. Oil prices, on the other hand, fell significantly, with Brent crude dropping from highs above $113 to a low of $98 before recovering to its current price of $105.91 per barrel.

The cryptocurrency's price rise was also reflected in the prediction market owned by Decrypt's parent company Dastan, where users turned markedly more bullish on Bitcoin's prospects. The chances of Bitcoin reaching $84,000 rather than $55,000 were now put at 49%.