Bitcoin Soars to $67K on Iran Peace Deal Hopes

A proposed peace deal between the US and Iran has sent shockwaves through global markets, driving Bitcoin to a two-week high of $67,000. The agreement, set for signing on Friday in Switzerland, could spark a broad rally across risk assets, according to Simon Dedic, founder of Moonrock Capital.

Dedic pointed to several past conflicts as evidence that markets tend to recover quickly once the fighting stops. He cited the S&P 500's gains of 44% and 25% in the years following the Korean War and Iraq war, respectively. In 19 out of 20 conflicts since World War II, Dedic noted that markets took around 28 days to fully recover.

The Iran deal aims to reopen the Strait of Hormuz and extend a current ceasefire, which has been met with some skepticism by traders. Despite this, Bitcoin's price has surged above $67,000, while crude oil prices have fallen more than 4% to around $83 a barrel.