Bitcoin Soars as Oil Prices Plummet Amid Iran Tensions Easing

The US decision to halt strikes on Iran has sent shockwaves through the global market, causing oil prices to plummet. However, this easing of tensions has had an unexpected effect on cryptocurrencies.

The price of Bitcoin (BTC) and Ethereum (ETH) have both surged today, with BTC up 1.75% to $65,447 and ETH reaching an eight-week high of $1,981.

Analysts believe that the renewed optimism in talks between the US and Iran has led traders to buy back into cryptocurrencies, which had been selling off due to fears of escalating tensions.

DaanCrypto notes that if BTC can break above its July 21 high of $66,956, it could target $72,000. However, if a downtrend resumes, the price could drop to $60,000.