Bitcoin Price Jumps on Trump's Iran Strike Cancellation

Bitcoin's price has rebounded significantly in response to US President Trump's announcement that he is calling off planned strikes against Iran. The cryptocurrency had dipped to an 18-day low of $62,200 yesterday evening before rising by approximately $1,500 to around $63,500.

The major de-escalation was announced by Trump via a statement, in which he said: 'Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL. The Country of Israel joins me in this commitment. Get to work, everybody, and get it DONE.'

Bitcoin's price movement appears to be closely tied to developments on the US-Iran war front, with each de-escalation bringing back hope to the market.