Bitcoin tops $79K, oil falls as Trump says Iran war could end

Bitcoin (BTC) returned to $79,000 after Monday’s Wall Street open as markets dissected mixed signals over the US-Iran war.

Key points:

• Bitcoin rises above $79,000 as oil prices fall after US President Donald Trump suggests the Iran war could be nearing an end.
• Markets raise the odds of a 25-basis-point Federal Reserve rate hike to more than 90%.
• Bitcoin tests its 50-week exponential moving average after closing below the key trend line on Sunday.

Bitcoin gains as Trump references end to Iran war

Data from TradingView showed BTC/USD erasing its weekend losses and gaining around 3% on the day.

Crypto saw fresh upside as US President Donald Trump boosted prospects of a peace deal with Iran. 

“The failing Nation of Iran wants to make a deal, quickly and badly. I will determine whether or not the U.S.A. will choose to engage - The concept of which we are open to,” he wrote in a post on Truth Social.

US equities initially gained at Monday’s Wall Street open but subsequently turned red amid ongoing uncertainty over the fate of key oil-transit routes in the Middle East. The S&P 500 was down 0.3% at the time of writing.

In addition to the Strait of Hormuz, both Saudi Arabia’s East-West pipeline and the Bab El-Mandeb Strait were under threat as the conflict expanded beyond Iran.