Bitcoin Rallies Past $82K After Oil Prices Slide, Dollar Sinks On US-Iran Peace Deal Hopes

Bitcoin’s price climbed to a fresh three-month high above $82,700 before easing back to around $81,700.

• The cryptocurrency rally followed a sharp decline in oil prices, with WTI and Brent crude falling more than 6% each.
• The U.S. dollar weakened, with the Dollar Index down 0.5% on the day and over 2% in the past month.
• The moves came after an Axios report indicated that the U.S. and Iran may be nearing a deal that could include limits on nuclear activity.

Bitcoin (BTC) and other cryptocurrencies rallied on Wednesday morning after oil prices dumped and the dollar sank following news that the U.S. and Iran may be nearing a peace deal.

Bitcoin’s price edged 0.4% higher in the last 24 hours to around $81,700 at the time of writing, after hitting a fresh three-month high of over $82,700 in early morning trade. Retail sentiment around the apex cryptocurrency trended in ‘bullish’ territory over the past day, accompanied by ‘high’ levels of chatter. 

The overall cryptocurrency market edged 0.6% higher to just under $2.8 trillion, paring gains after President Donald Trump said a deal was not yet guaranteed. Solana (SOL) and Binance Coin (BNB) led gains among the top 10 cryptocurrencies by market capitalization, rising more than 2% each.