Bitcoin rallies 2.3% after Trump calls Iran peace proposal ‘totally unacceptable’

10x Research CEO Markus Thielen said Bitcoin’s strength above $80,000 could be supported by two favorable decisions in the US Senate this week.

Bitcoin briefly dipped before surging over $82,000 on Sunday as US President Donald Trump rejected Iran’s counteroffer to a peace deal, which could prolong tension in the Middle East. 

“I don’t like it — TOTALLY UNACCEPTABLE, Trump said in a post to Truth Social on Sunday after reading Iran’s proposal to end the war. Iran has previously requested that the US pay for war reparations and unfreeze blocked Iranian financial assets.

Bitcoin (BTC) fell from $81,430 to $80,520 within 45 minutes of Trump’s post before whipsawing nearly 2.3% to $82,347 less than three hours later, according to CoinGecko data. Bitcoin’s rise also resulted in nearly $64 million worth of short positions being wiped out over the last four hours, according to Coinglass data.

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