Bitcoin climbed back above $81,000 on Oct. 8 after President Donald Trump said he would not strike Iran before the Nov. 3 midterm elections. Oil prices retreated on the statement, even as Trump said the U.S. blockade on Iran would stay in place and military planners kept preparing strike options.
Bitcoin recovers after Trump rules out pre-election strikes
Bitcoin had fallen below $81,000 for the first time since Sep. 21 before recovering once Trump's post circulated, according to data cited in PrimeXBT's Oct. 8 market report. During the volatile session, more than $480 million in crypto positions were liquidated within one hour, with long positions accounting for most of the losses.
The swing extended a rougher stretch for the token. On Sep. 28, crypto.news had reported Bitcoin's pullback below $84,000 after the previous week's advance above $87,000, as renewed uncertainty over Iran weighed on markets.
Trump keeps the blockade while ruling out attacks
According to Ynetnews, Trump described the contacts with Tehran as "productive discussions", and said Iran remained under economic and military pressure while the blockade continued. He also claimed that 22 million barrels of oil had passed through the Strait of Hormuz the previous night, with none entering or leaving Iran, and presented the volume as a record.
Yet the pledge not to strike before the midterms came alongside continued military preparation. Ynetnews reported, citing Axios, that U.S. Central Command had been instructed to complete preparations for a possible return to major combat operations, though Trump had made no final decision and set no date. Separately, NBC News reported that Trump and his national security team had discussed large-scale operations within weeks, according to Ynetnews. The Atlantic reported, also as relayed by Ynetnews, that the Pentagon had been asked to prepare possible strike options before the election, with officials still weighing the campaign's scope.
Iran reviews Washington's proposal as traders price in calm
Following Trump's statement, Polymarket traders assigned a 60% probability that the ceasefire would hold through Nov. 15. On the diplomatic track, Iranian Foreign Minister Abbas Araghchi said Tehran had submitted its seven-day plan and received Washington's response, and that Iran expected to answer within the next few days.
Araghchi added that Tehran was more prepared than before should Washington pursue military action and would take measures to defend itself.
Source: crypto.news
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