Bitcoin Jumps 2.3% to $82K After Trumps Iran Rejection
Bitcoin (BTC) surged 2.3% to $82,350 on Sunday after U.S. President Donald Trump rejected Irans peace proposal, signaling prolonged tensions in the Middle East. The move erased nearly $64 million in short positions, according to Coinglass data. The cryptocurrency initially dipped to $80,520 following Trump‘s comments on Truth Social, where he labeled Iran’s counteroffer as “TOTALLY UNACCEPTABLE.” Within three hours, Bitcoin reversed course, climbing to $82,347 per CoinGecko data. This volatility underscores Bitcoins role as a potential hedge during geopolitical uncertainty. Market reactions extended beyond crypto. Oil prices jumped 4.6% to $98.70 per barrel, reflecting concerns over the ongoing conflict near the Strait of Hormuz, a critical chokepoint for global oil trade. Meanwhile, S&P 500 futures rose a modest 0.13% shortly after Trumps announcement. The U.S.-Iran war, which began in late February, has disrupted global markets for over two months. Israeli Prime Minister Benjamin Netanyahu added fuel to the fire, stating the conflict would persist until Irans nuclear facilities are dismantled—a comment that further clouds the timeline for resolution. Regulatory Catalysts Could Support Bitcoin Bitcoin‘s recent price resilience might also benefit from upcoming U.S. regulatory developments. Markus Thielen, CEO of 10x Research, pointed to two key catalysts this week: the Senate’s vote on Kevin Warsh‘s