Bitcoin at $84,000 Despite US-Iran Stalemate
The price of Bitcoin is around $84,000, even though Donald Trump rejected Tehran's proposal for a ceasefire. The US President announced that the American military would resume bombings in Iran after the midterm elections, but expressed confidence that Iran would comply with the demands of American diplomacy. Iran's foreign minister suggested that the US might accept a seven-day plan, which could open the Strait of Hormuz, but the White House seems to be ignoring this information. Bond yields have risen to their highest levels in over 20 years, yet this has not halted Bitcoin's rise. The market appears to be playing the same game: hedging outside the dollar system and concerns about a US budget crisis. Demand for cryptocurrencies has surged to record levels, with the correction from the local peak being only 2.5%. Bitcoin's volatility has decreased, and it is only about 20% away from the $100,000 threshold, which could be surpassed this year, especially if the dollar weakens.
-- Price
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