Iran's Supreme National Security Council on Wednesday accepted a two-week ceasefire in its war against the US, but emphasized this did not mean an end to the war. The price of Bitcoin pushed past $72,000 for the first time in 20 days after the US and Iran agreed to a two-week ceasefire. “I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump said in a Truth Social post on Tuesday, hours before his deadline for Iran to reopen the Strait of Hormuz or face military attacks on key infrastructure. Iran's Supreme National Security Council also said it accepted the ceasefire. Read more
The 30-day simple moving average of the global network hashrate has also declined, though an analyst says the slump is due to Bitcoin prices hurting mining profitability rather than conflict. Iran’s hashrate has plummeted over the past quarter amid an ongoing conflict with the US and Israel, though the war itself has not dragged down global hashrate, according to a new report from Hashrate Index. Iran has lost roughly 7 exahashes per second (EH/s) quarter-over-quarter, said Ian Philpot, marketing director at Luxor Technology, in a report published Monday. The country’s hashrate now sits at about 2 EH/s according to the Hashrate Index heatmap. Philpot noted that while the regional conflict clearly impacted Iran, it could have triggered a ripple effect for neighboring countries such as the United Arab Emirates and Oman, yet so far, neither has been affected. Read more
Bitcoin and risk-asset price action tried to brush off new US-Iran war rhetoric just hours before the deadline for a deal passed. Bitcoin (BTC) stayed near a key long-term trend line at Tuesday’s Wall Street open as markets waited for US-Iran war cues. Key points: Bitcoin and US stocks attempt to shrug off claims by US President Donald Trump that a “whole civilization will die” after his Iran deadline expires. Read more