Trump Rejects Iran Ceasefire, Bitcoin Takes a Hit
US President Donald Trump has rejected Iran's proposed seven-day ceasefire plan, putting pressure on global markets. The proposal, shared through Qatari mediators, would have seen the US meet its existing commitments before Iran reopened the Strait of Hormuz and resumed nuclear talks.
The plan also included Tehran's commitment to restore normal shipping through the Strait and resume regional talks. In return, Iran wanted the US to lift its naval blockade, ease sanctions on Iranian oil exports, and support a regional ceasefire that includes Lebanon.
Trump rejected the proposal, citing three main reasons: continued economic pressure could force Tehran to accept a broader deal; US officials remain doubtful about Iran's commitment to nuclear and regional agreements; and Washington sees less pressure to accept the deal due to US-led efforts helping keep oil tankers moving through the region.
As a result of the news, Bitcoin fell by 3.81% as the market entered a consolidation phase. The global crypto market cap dropped below $3 trillion, while BTC slid below $84,000 after reaching $87,395 earlier this week.