Reports from The Kobeissi Letter indicate that Iran has reacted to a list of conditions proposed by the U.S. for a potential peace agreement.
Summary
- Bitcoin remained around $78,000 as investors assessed Iran’s counterproposals and the ongoing conflict risk in the Middle East.
- According to data from Crypto.news, Bitcoin saw a minor daily increase, although it is still lower compared to the last week overall.
- Iran’s requests regarding sanctions, blocked funds, and the Strait of Hormuz continue to exert pressure on oil-related risk assets.
Tehran’s outlined demands encompass an end to hostilities in the Middle East, the removal of U.S. sanctions, the release of Iran’s frozen assets, compensation for wartime damages, and acknowledgment of its sovereignty over the Strait of Hormuz.
In contrast, the reported conditions from the U.S. are significantly different, excluding compensation for Iran, the release of frozen assets, the transfer of 400 kilograms of uranium to the U.S., and only permitting one operational nuclear facility. The ceasefire will be contingent upon further talks.
Cautious sentiment in Bitcoin market
Bitcoin (BTC) was trading around $78,400, reflecting a 0.69% increase over the past 24 hours, based on data from Crypto.news. Ethereum (ETH) was priced at $2,190, while XRP, BNB, and Solana also experienced slight daily gains.
This short-term uptick offered minimal relief and did not indicate a strong rally for risk assets. Bitcoin’s value is down 2.94% over the past week, and Ethereum has decreased by 5.81% in the same timeframe, suggesting traders still perceive the ongoing conflict as a significant risk.
Cryptocurrency influenced by Iranian developments
Previously, Crypto.news reported that Bitcoin remained close to $80,000 following President Donald Trump’s dismissal of Iran’s earlier peace overture. BTC briefly fell from $81,430 to $80,520 before quickly recovering above $82,000 within hours.
This volatility has been a recurring theme throughout the ongoing conflict. Indicators of potential peace have prompted short-lived relief rallies, while rejected offers and military threats have caused traders to retreat into safer positions. Older market updates noted that cryptocurrency values remain sensitive to fluctuations in oil prices, the U.S. dollar, and risks associated with the Strait of Hormuz.
It is essential to highlight that the Strait of Hormuz plays a critical role in market reactions. Data from Reuters cited by Crypto.news revealed that prior to the ongoing conflict, this waterway was responsible for approximately one-fifth of the global oil and liquefied natural gas traffic.