U.S. President Donald Trump reportedly ordered the U.S. military to halt strikes against Iran, in a move that has helped de-escalate tensions in the U.S.-Iran war after multiple days of strikes. Bitcoin continues to trade flat as the war drives energy prices higher, sparking inflation concerns and the possibility of a Fed rate hike this year.
Trump Orders Military To Pause Strikes In U.S.-Iran War
According to an Axios report, the U.S. president ordered the military not to carry out strikes on Iran yesterday, ending a streak of 13 consecutive daily strikes against Iran. However, it remains unclear whether the order was only for yesterday and whether strikes are likely to resume soon.
The order to halt strikes followed reports that President Trump was planning massive attacks against Iran, which threatened a major escalation in the U.S.-Iran war. Meanwhile, the order to halt strikes came as an Omani delegation met with Iranian officials in Tehran for talks on a new arrangement to reopen the Strait of Hormuz.
Despite the halt in strikes between the U.S. and Iran over the last 24 hours, tensions remain high, especially following the strikes between Saudi Arabia and the Iran-backed Houthis. The U.S.-Iran war is also disrupting shipping in the Bab al-Mandab Strait, with the Houthis now involved.
President Trump, during the White House Correspondents Association dinner, signaled that the U.S. was still willing to negotiate with Iran. However, Iran remains hesitant about negotiations and has said that their focus for now is to defend itself.
Bitcoin Trades Flat Amid War Uncertainty
The Bitcoin price is trading flat amid uncertainty over the U.S.-Iran war. TradingView data shows that the leading crypto is trading around $64,300, up less than 1% today. BTC fell from a high above $66,000 earlier this week as oil prices touched $100 amid escalations in the war.
Bitcoin and the broader crypto market also face a major week ahead with the Fed rate decision at the July FOMC meeting on Wednesday. CME FedWatch data shows that market participants expect the Fed to hold rates steady.
However, the odds of a Fed rate hike this year have climbed over the past week. Data from the top crypto prediction market platform Polymarket shows a 72% chance that the Fed will hike rates this year.
