The Bitcoin price is facing renewed downside pressure as a deal between the U.S. and Iran remains uncertain. U.S. President Donald Trump has also cast further doubt on a potential deal, saying he is not sure they are willing to make one.
Bitcoin Price Falls as Trump Comments On Potential Iran Deal
Bitcoin has dropped to as low as $68,000 today, falling from an intraday high above $71,000, according to TradingView data. The leading crypto is currently trading just below $69,000, down over 3% today.
The Bitcoin price crash followed Trump’s statement during today’s cabinet meeting at the White House, in which he said he wasn’t sure whether they would be able to work out a deal with Iran or even be “willing” to do so. The president also mentioned that Iran was the one begging for a deal, not the U.S.
However, as CoinGape reported, Iran has rejected talks with the U.S. and outlined five conditions for ending the war in response to the U.S. 15-point plan, which calls for a ceasefire. Trump, during the meeting, also threatened to escalate the conflict against Iran after it rejected the proposal for peace talks.
It is worth noting that the president’s 5-day ultimatum for both sides to reach a deal elapses tomorrow. Trump had on Monday given the ultimatum and delayed strikes on Iran’s power plants as he revealed that both sides were having productive conversations. The ultimatum is another factor that is contributing to the Bitcoin price decline.
When asked about the ultimatum today and whether he will announce a new deadline, Trump said he doesn’t know yet and that a day is an “eternity,” signaling that anything could happen before then. Meanwhile, the U.S. president has so far downplayed rumors about a ground invasion in Iran, but there continue to be concerns that the U.S. may deploy troops into Iran.
Trump Insists That Iran Is Negotiating
During the Cabinet meeting, Trump revealed that Iran allowed 10 boats of oil to pass through the Strait of Hormuz as a “present” to the U.S. to show their seriousness towards negotiations. The president also suggested that it is clear that Iran is trying to negotiate with them, contrary to what they are saying.
However, so far, the Bitcoin price and the broader crypto market continue to react negatively, as uncertainty remains over whether both sides can reach a deal. Crypto prices are also dropping as oil prices continue to rise despite Trump’s claims.
Brent crude oil futures are back above $100, up over 4% today, according to TradingView data. WTI futures are up over 5% today, currently trading around $95, signaling that market participants do not see an imminent end to the Iran war despite claims of negotiations between the U.S. and Iran.
