Trump Rules Out Strikes Against Iran Before Midterms, Bitcoin Climbs
U.S. President Donald Trump has ruled out any potential strikes against Iran before the November 3 midterm elections, even as the war drags on. Bitcoin rebounded after his statement, while oil prices retreated on the back of the development, which signals de-escalation in the U.S.-Iran war.
Trump Says Won’t Strike Iran Soon, Bitcoin Rebounds
In a Truth Social post, the U.S. president assured that they will not attack Iran “at any time” prior to the November 3 midterm elections. This came as he revealed that the U.S. was having productive discussions with Iran.
Bitcoin rebounded on the back of his post, rising above the psychological $81,000 level, according to TradingView data. The BTC price has notably been on a steady decline since the start of the week as Treasury yields and oil prices rise amid inflation concerns stemming from Middle East uncertainty.
President Trump also said the Blockade will remain in place and added that oil continues to flow through the Strait of Hormuz at record levels. “22 Million Barrels, last night alone, with not one barrel coming from, or going to, Iran!” he claimed.
However, his statement signals a de-escalation in the U.S.-Iran war and comes less than a day after reports that the military was preparing strike options against Iran before the midterms. Both sides also continue to negotiate, with Iran presenting a peace plan to the U.S., which the latter has responded to.
According to a Tasnim reporter, Iran’s Foreign Minister Abbas Araqchi said that they will respond to the U.S. proposal within the next few days. “We are currently reviewing the Americans’ views, and I think we will present our response within the next few days,” he said
With Trump’s statement, crypto traders have increased their bets that the U.S.-Iran ceasefire will last at least until mid-November. Data from the top crypto prediction market platform Polymarket shows a 60% chance that the ceasefire will last through November 15.
