Bitcoin Surges to $64K Amid Trump's Iran Deal Announcement

Bitcoin's price surged to $64,349 on June 12, marking its highest level in seven days, following US President Donald Trump's announcement of a tentative peace deal between Washington and Tehran.

The news sparked enthusiasm among investors, causing the cryptocurrency to briefly breach the $64,000 mark. However, its gains were short-lived as it oscillated between $63,200 and $63,800 before eventually rising to $64,349.

Despite the volatility, bitcoin's seven-day gains stood at 4.5% at the time of writing, with a daily gain of nearly 2%. Its market capitalization had reached $1.28 trillion.

On the derivatives market, bitcoin's price action resulted in the liquidation of $68 million in leveraged shorts and $20 million in longs.