Bitcoin Tumbles on Iran Diplomacy Hopes Fading Fast
Bitcoin's price has fallen to $62,229 after a liquidation of $146.66 million, following US President Donald Trump's announcement that he had canceled a planned military strike on Iran to give diplomacy another chance.
The decision failed to lift Bitcoin's price, and the cryptocurrency is now trading near $62,560, down 1.35% over the past 24 hours.
Top crypto analysts suggest that BTC is trapped between two major liquidity zones, with its next move likely to decide the market direction.
The market reacted positively after Trump's comments, with Brent crude oil dropping more than 5.33% to around $80 per barrel, but the rally quickly faded after Iran denied any talks with the US.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said that 'we are not currently holding any talks with the American side.'