US-Iran Agree to Extend Ceasefire, Bitcoin to Rally?

The US-Iran conflict seems to be taking a back seat as the two countries look to extend their ceasefire that was earlier limited to two weeks. Global markets reacted immediately and extended higher as U.S. President Donald Trump previously hinted the war is close to an end.

US-Iran War Ceasefire to Extend For Another 2-Weeks

According to reports from the Associated Press, Washington and Tehran have agreed to prolong the ceasefire for another two weeks. Earlier, the ceasefire was to end on April 22, which had the international markets on its toes.

The two countries have provided “in-principle agreement” to maintain truce in the coming weeks of April. In addition, an official who is involved in mediation efforts amid the US-Iran conflict noted that the countries are looking to reach a common ground related to three main issues. These include talks around the Strait of Hormuz, Iran’s nuclear power, and war compensation.

However, the truce has not impacted Lebanon. Per reports, Israeli forces and Hezbollah are attacking South Lebanon. In addition, Iran has also launched attacks on its neighbours.

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The situation still shows uncertainty as U.S. blockade of Iranian ports continues. Hence, Iran is looking to explore other ports and shipping routes to bypass the blockade in Strait of Hormuz.

Bitcoin Expected To Gain Momentum

Nonetheless, with the positive geopolitical development around US-Iran ceasefire, world financial markets could witness an upsurge. It could also push the crypto market up with Bitcoin leading the rally as witnessed in similar situations earlier.

Despite being slightly the red, BTC started drawing green candles today. At press time, the BTC price stood at $74,240.37, down by 0.18% on Wednesday, April 15. It signals a rebound from the $73,900 level to above $74,200 amid favorable macroeconomic sentiment.

Earlier, on Tuesday, Bitcoin reclaimed the $75,000 level owing to lower-than-expected US PPI inflation data.