U.S. President Donald Trump said an agreement ending the fighting between the U.S. and Iran is scheduled to be signed on Sunday, even though officials in Tehran had previously questioned the timeline.
“The signing of the agreement is scheduled for tomorrow, and immediately after signing, the Strait of Hormuz will be OPEN TO ALL” he said Trump on Saturday at Truth Social.
Source: Donald Trump
Pakistan, which mediates talks between the U.S. and Iran, does as well signaled an agreement could be reached within 24 hours.
The memorandum of understanding is expected to extend the U.S.-Iran ceasefire by 60 days and reopen the Strait of Hormuz.
The maritime blockade has blocked 20% of global oil and liquefied natural gas supplies, leading to higher global asset prices and a sentiment shock that has put pressure on cryptocurrency markets for months.
“We are closer to a peace agreement than ever before,” Pakistani Prime Minister Shehbaz Sharif said on Saturday on Program
Iran did not confirm Sunday’s signing of the agreement.
Iranian Foreign Ministry spokesman Esmaeil Baghaei earlier told state media that the memorandum would not be signed on Sunday but could happen “in the coming days.”
“We will have to wait and find out the exact date of the signing of the MoU, although it will not be tomorrow,” Baghaei said.
Analysts say the peace agreement will benefit cryptocurrencies
Crypto analyst Michaël van de Poppe he said A peace agreement between Iran and the US will likely result in: Bitcoin value augmentalong with positive ETF flows.
Spot Bitcoin exchange-traded funds (ETFs) recorded about $315.84 million in net outflows for the week ended Friday, marking the fifth consecutive week of outflows for Bitcoin-linked crypto funds.
Related: Bitcoin means 63.2 thousand. dollars as BTC price action ignores inflation, Iran Hormuz shutdown
“Liquidity will return to risk assets as liquidity looks for opportunities, and after the SpaceX IPO it will most likely move towards cryptocurrencies,” he added.
On Wednesday, CoinShares head of research James Butterfill told Cointelegraph: recent low tide investment products in digital assets resulted primarily from geopolitics, and the uncertainty related to the conflict in Iran affected the prospects for interest rates.
At the time of writing, Bitcoin is trading at $64,491, up 1.5% over the past 24 hours.
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