Bitcoin experiences a rise as President Trump announces an agreement for peace with Iran. «An Agreement has been largely negotiated, pending finalization between the United States of America, the Islamic Republic of Iran, and various other countries,» President Trump stated late Saturday afternoon. After a significant drop earlier on Saturday, bitcoin rebounded as the news broke regarding a peace agreement involving Iran and other Middle Eastern nations.

As part of the accord, Trump indicated that the Strait of Hormuz will be reopened. Following a decline of around 4% from late Friday to early Saturday, bitcoin, priced at BTC$76,735.18, has quickly regained those losses in the minutes following Trump’s announcement of the upcoming agreement.

In a post on Truth Social, Trump wrote, «An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and various other Countries.» The president further stated, «In addition to many other elements of the Agreement, the Strait of Hormuz will be opened.» This news propelled bitcoin sharply upward to $76,700 after it had dipped to nearly $74,000 earlier on Saturday.

Mark Connors, former global head of portfolio and Risk Dimensions CIO at Credit Suisse, suggests that bitcoin has ended its longest period of underperformance in history and is poised to outperform traditional assets such as stocks, bonds, and gold amid persistent inflation.

What to know: Bitcoin may be entering a new phase of outperforming traditional assets after concluding its longest-ever period of underperformance against the S&P500 earlier in May, according to investor Mark Connors. Connors asserts that ongoing inflation, consistently high oil prices, and a prolonged high-interest-rate environment are applying pressure on bonds and could benefit bitcoin’s performance.