Bitcoin broke out $11000 on Saturday and on the same day, President Donald Trump opened up an exciting plan for Iran which was supposed to reveal on Monday, June 24, 2019. However, ahead of Trump’s announcement, prices of major commodity including Oil, Gold, and cryptocurrency, like Bitcoin is touching the peak.
President Trump tweeted on Saturday;
We are putting major additional Sanctions on Iran on Monday. I look forward to the day that Sanctions come off Iran, and they become a productive and prosperous nation again – The sooner the better.
Ahead of the announcement, price of Bitcoin, Oil, and Gold gains a rising momentum. Subsequently, the Oil price is on high figure as the tension remains between Iran and the United States.
As per 5.50 am today (4.50 a.m ET), Brent crude climbed to 0.2% to $64.60 and West Texas Intermediate crude sees the rise of 0.8% to $57.90 a barrel.
Gold also rose 0.7% to $1408
Along with these two, Bitcoin also saw the continuous rose and reaching a peak of $11000 again (which quickly slipped down from $11000 on Sunday).
To note, the current Bitcoin’s price counts $10, 865 against US Dollar, too closer to reach $11000. Nevertheless, it is up with 2.06 percent over the past 24 hours and showing the market cap of over 193 billion.
What Exactly US-Iran Sanction Mean to Market?
Iran had signed a nuclear deal in the year 2015 with world powers including the United States, China, Britain, Russia, Germany, and France. It does that to work on nuclear weapons in exchange for sanctions relief. However, last year, President Donald Trump’s tenure resulted in a new US Sanction which directly affected economic stat in Iran. In fact, this led Iran’s currency to see a declining price and lack of interest from foreign investors. As a response to the US, Iran replied back its commitment under the nuclear idea.
During this time, reports spread out, claiming that the ‘Iran is planning to launch its own cryptocurrency to skirt US. Sanctions’ which didn’t reach out the final launch yet.
However, as far as the war between these two largest economies is concerned, G20 is the focused part everyone is looking at – which will be held with Chinese President Xi Jinping at the G-20 Summit in Japan later this week.
Whatsoever, traders across commodity and crypto market are full-on, making their ways to capture a greater amount of potential and profit. Concerning the similar tone, Michael Every, senior Asia-Pacific strategist at Rabo Research states that;
“Perhaps the very best markets can hope for is more patient delay and position building at the G-20 that at least sees the US and China refrain from any further escalation,
Featured image – Shutterstock
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