Bitcoin Whipsaws Around $70K as Trump Says There’s ‘Nothing Left’ to Hit in Iran
US President Donald Trump continues to comment on the quickly escalating tension in the Middle East, suggesting once again that the war could be over soon.
Bitcoin’s price experienced immediate volatility after his remarks became viral on social media.
This is Trump’s second similar claim in the past few days, after he noted on Monday that the war “is very complete, pretty much.” However, his statements are not supported by some country officials as well as its partner in this case, Israel.
Walter Bloomberg’s report indicated that the two countries plan “at least two more weeks of strikes.” Additionally, the situation lastly escalated after the US started reporting that Iran had put mines in the Strait of Hormuz.
The US military has destroyed at least 16 mine-laying boats in the region, but officials have asserted that “it’s unclear how many mines Iran has deployed.”
Bitcoin traded at $69,200 before Trump’s statement went live, but skyrocketed by almost two grand instantly. Although it was stopped at $71,100, it still trades above $70,000 as of press time.
There’s another possible reason behind BTC’s volatility. As reported a few hours ago, the US CPI data for February was released, and it matched expectations. However, bitcoin remained relatively calm in the first 90 minutes after the news went live, so Trump’s remarks on the war seem to have a more profound impact.
BTCUSD Mar 11. Source: TradingView
The post Bitcoin Whipsaws Around $70K as Trump Says There’s ‘Nothing Left’ to Hit in Iran appeared first on CryptoPotato.
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