The Bitcoin price has broken above the psychological $78,000 level today amid optimism that the U.S.-Iran peace talks could resume soon. This follows Iran’s delivery of a new proposal to Pakistani mediators in a bid to end the war against the U.S.
Bitcoin Breaks Above $78,000 as Iran Submits New Proposal
According to an Axios report, Iran has submitted its response to the latest U.S. amendments to a draft plan to end the war through Pakistani mediators. This comes amid stalled U.S.-Iran peace talks, signaling that negotiations are still ongoing despite the second round not yet taking place.
Bitcoin rallied on the back of this development, breaking above $78,000. The BTC price is currently trading at around $78,800, up over 3% on the day from an intraday low of around $76,000, according to TradingView data.
Iran’s latest proposal is also a positive for Bitcoin and the broader market as it signals Iran’s readiness to reach a deal despite U.S. President Donald Trump rejecting an earlier offer for Iran to reopen the Strait of Hormuz in exchange for the U.S. lifting its blockade at this oil chokepoint. The U.S. president had told reporters yesterday that Iran wants to reach a deal badly.
Iran’s latest proposal could also ease tensions, as the U.S. was reportedly considering strikes against Iran to force it into a negotiation. However, President Trump is using the blockade of the Strait of Hormuz as the primary leverage to pressure Iran into a deal.
U.S. Communicates New Conditions To Iran
According to Axios, the U.S. has also communicated new conditions to Iran, further signaling that active negotiations are ongoing between both sides. White House envoy Steve Witkoff sent Iran, through Pakistani mediators, a list of amendments focused on returning the nuclear issue to the agreement’s text.
Meanwhile, it is worth noting that Bitcoin and the broader crypto market are rallying today amid the expiration of crypto options. As CoinGape reported, $2.1 billion in Bitcoin and Ethereum options expired today, sparking market volatility.
Crypto prices are also up as oil prices have sharply fallen amid optimism of renewed U.S.-Iran peace talks. Brent crude oil futures have dropped to around $106, down over 4% today, according to TradingView data.
