Bitcoin holds steady above $67,700 as oil prices slip in early trading hours on Tuesday. This comes as reports emerged that US President Donald Trump has privately informed his advisors that he is willing to end the ongoing US-Iran war even if the Strait of Hormuz remains closed.
President Trump Says US-Iran War Can End Without Reopening Strait of Hormuz
President Donald Trump privately told his advisors that he wants a ceasefire and hopes to end the US-Iran war within four to six weeks. He is willing to end the war even if the Strait of Hormuz remains largely closed, The Wall Street Journal reported.
Trump and his aides assessed that reopening the Strait of Hormuz would push the conflict beyond his 4-6 week timeline. However, it means Iran continues to maintain its strategic position while exercising greater control over the strait. This would triggera rebound in US futures and Bitcoin.
White House Press Secretary Karoline Leavitt confirmed the Strait of Hormuz reopening is not the main goal. The US and Israel should continue to achieve the main goal of destroying Iran’s navy, missile stockpiles, and preventing Iran from obtaining a nuclear weapon.
Trump thinks he can wind down current hostilities while pressuring Iran diplomatically to resume the “free flow of trade.” If that fails, Washington would press allies in Europe and the Gulf to take the lead on reopening the Strait, Leavitt said.
The news comes as Trump pushes for a ceasefire amid escalating US-Iran war. Bitcoin, oil, and gold prices have witnessed heightened volatility. Oil prices fell today on reports of Trump’s willingness to end the war against Iran.
Bitcoin Holds Advance as Oil Prices Fall
Bitcoin jumped above $68,000 and now holds above $67,700 as Trump pushes to end the US-Iran war. Meanwhile, Iran struck a Kuwaiti oil tanker off a Dubai port and threatened Red Sea shipping.
As a result, Saudi Arabia, the UAE, Kuwait, and Bahrain are “privately urging” President Trump to continue the war against Iran. Gulf countries seek significant changes in the Iranian leadership or a dramatic shift in Iranian behavior.
Iran wants the U.S. to remove all U.S. sanctions and compensate for wartime damages. Iranian leaders also seek more control over the Strait of Hormuz, continue their ballistic missile program, and no U.S. military action in the future.
BTC price is trading 0.30% higher in the last few hours, with a 24-hour low and high of $66,205 and $68,323, respectively. Meanwhile, trading volume remained higher and increased by 40% despite analysts warned about Bitcoin crash below $50K.
Traders are closely watching macro events, including March’s Non-Farm Payrolls data, this week amid rising uncertainty in the crypto market due to the US-Iran war.
Source: https://coingape.com/bitcoin-steady-as-trump-is-ready-to-end-us-iran-war-without-reopening-strait-of-hormuz/
