Bitcoin heads higher as President Trump announces Iran peace agreement

After crumbling about 4% late Friday into early Saturday, bitcoin has more than retraced those losses in the past few minutes after President Trump announced a coming agreement with Iran and other Middle Eastern countries.

“An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries,” wrote Trump in a Truth Social post.

“In addition to many other elements of the Agreement, the Strait of Hormuz will be opened,” the president continued.

The news sent bitcoin sharply higher to $76,700 after having fallen to nearly $74,000 earlier on Saturday.