Trump Announces a 2-Week Ceasefire with Iran, Bitcoin Rises to $71,000

Donald Trump officially announced the suspension of military attacks against Iran for two weeks, effective starting Wednesday (08/04). This two-sided ceasefire decision was made after mediation by Pakistan’s Prime Minister Shehbaz Sharif and Pakistani military officials. The agreement is based on the main condition that Iran immediately reopen the Strait of Hormuz in full, safely, and without restrictions for international shipping traffic.
​Trump stated that the U.S. military has met and exceeded all of its operational targets, so this two-week period will be used to finalize a long-term peace agreement. The U.S. government has also received a 10-point proposal from Iran, which is considered a workable basis for negotiations. This announcement instantly eased global tensions after the world had previously been shadowed by fears of a major war that would cripple energy supplies in the Middle East.
​The global market reaction was monitored to be highly significant immediately after the announcement. The price of U.S. crude oil (WTI) was reported to have plunged by nearly 10 percent to below the level of 101 U.S. dollars per barrel due to reduced risk of supply disruptions in the Strait of Hormuz. Meanwhile, digital assets responded positively with Bitcoin prices surging past 71,000 U.S. dollars.

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