Trump suspends "Project Freedom," Bitcoin loses momentum at $81,000

CryptoWorld News: Bitcoin lost momentum near $81,000 after U.S. President Trump paused the “Operation Freedom” action with Iran. Bitcoin’s price rose from about $80,500 in the early hours of Wednesday to nearly $81,700, before consolidating around $81,300. Trump announced that the U.S. military would temporarily suspend “Operation Freedom,” an action related to ensuring shipping routes through the Strait of Hormuz. The decision was made after productive discussions between Trump and representatives from Tehran to assess the likelihood of reaching a peace agreement. On May 6, Trump said on social media that both sides had reached a consensus; although the blockade would continue to be fully enforced, “Operation Freedom” would be paused for a period to see whether the agreement could ultimately be reached and signed. Meanwhile, tensions in the Middle East remain high, and the UAE reported that for two consecutive days there have been missile and drone attacks by Iran-backed actors. After Trump’s statement, the West Texas Intermediate crude oil price fell back below $100 per barrel, down 3.7% over the past day. At the same time, gold rose 2.6%, and silver climbed by more than 4%.

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