US-Iran Ceasefire Extension Could Impact Bitcoin: Here’s What to Watch

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The previous ceasefire was supposed to expire today.

Citing a report by Al Arabiya, The Kobeissi Letter noted minutes ago that the United States and Iran have agreed to extend the 60-day ceasefire in a deal brokered by Pakistan.

Although there’s no official confirmation by either side, the timing is quite peculiar since the previous ceasefire’s deadline expires today.

Previous reports indicated that US President Donald Trump had established a “backchannel” in place with officials of Iran’s Revolutionary Guard.

According to Axios, the Trump administration bypassed Iran’s negotiators and reached out directly to the country’s leadership, tapping Nechirvan Barzani, the president of the Kurdistan region in Iraq. The report claimed that Barzani had the trust of both the US and Iranian leaders.

Trump has reportedly said that Iran should raise the “white flag of surrender” and has reiterated his core demand on a few occasions that the country must not have a nuclear weapon.

Separately, the POTUS has warned Oman against interfering with US actions, as the Omani government reportedly tried to negotiate a deal for the reopening of the Strait of Hormuz.

Major war developments like the one cited above have historically impacted Bitcoin’s price. Now, though, the asset remains calm at $63,500 after jumping by $500 earlier today. However, more volatility is expected once these reports are confirmed or denied by both concerned parties.

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