Bitcoin Rebounds Above $70,000 as US Proposes 15-Point Truce to Iran

The US, through the primary intermediary Field Marshal Syed Asim Munir (Pakistan’s Chief of Army Staff), has sent Iran a 15-point plan aimed at bringing an end to the prevailing war. 

In the plan, the US proposes the lifting of all active sanctions on Iran, with a guarantee that the sanctions will not be re-imposed. 

The West has also floated the suggestion that Iran freeze its nuclear program and restrict its use for defensive purposes alone. Iran should also decommission its most critical nuclear facilities, namely: Natanz, Isfahan, and Fordow.

Additionally, Iran may retain a certain amount of its enriched uranium under supervision, with plans to hand it over to the International Atomic Energy Agency (IAEA) at a specified time. Thereafter, the nation is to halt all further development of enriched uranium.

Other points include:

• Iran to receive US aid in developing electricity-generating nuclear plants.
• Gradual implementation of the above plans with international monitoring.
• A future address on Iran’s missile programme, including limitations on its capabilities.

Bitcoin tops $70K, oil drops below $100/barrel, gold gains 2%

Following the news, the price of WTI crude oil dropped by 5.31% to $87.45/barrel, while Brent crude shed 6.08% to trade at $98.03.

Source: Oil Price

Meanwhile,  gold prices rose by 2.53% in 24h to trade at $4,586.14.

Source: Trading View

Bitcoin (BTC), on the other hand, reclaimed the $70K mark to trade at $70,563.40 (+0.2% in 24h) at writing time.

Source: CoinMarketCap

Iran denies negotiating with the US

Markets have witnessed intense volatility in the past 48 hours since Trump had threatened to blow up Iranian power plants, then changed his mind on the grounds of peace talks with Iran.

Iran has now sent a letter to the International Maritime Organization, stating that “non-hostile” vessels could go through the Strait of Hormuz.

Nonetheless, the country continues to deny any negotiations with the US as it continues missile retaliation against it and its proxies. This brings back uncertainty to the market, meaning Bitcoin, the rest of the cryptocurrencies, and traditional markets could experience volatility for a while longer.