Trump Hints at Ceasefire: What's Next for Bitcoin?

US President Donald Trump has reportedly ordered his military to stand down on planned attacks against Iran, according to Axios. The development comes after weeks of escalating tensions between the two nations.

The reason for the halt in military action is the resumed talks on the Strait of Hormuz, which were mediated by Oman. Some sources claim that major progress has been made over the past day, and Trump wants to see how it resolves before deciding whether or not the US will continue with its attacks.

Bitcoin has historically shown a positive reaction to similar developments, but the actual impact might be felt after at least 24 hours. The primary cryptocurrency is prone to reacting to news on the war front, and renewed attacks typically lead to price corrections, while the reemergence of hope for a deal or ceasefire results in major rallies.