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Bitcoin (BTC) showed an upward trend, breaking through $78,000 amid expectations of renewed peace talks between the United States and Iran.
According to CoinGape, a cryptocurrency media outlet, on May 1 (local time), the possibility of resuming stalled negotiations emerged as Iran delivered a new proposal to the U.S. side through a Pakistani mediator. This expectation of easing geopolitical tensions stimulated market sentiment, leading to a rise in Bitcoin's price, according to analysis.
Following the news, Bitcoin broke through the psychological resistance level of $78,000 and rose to approximately $78,800. This represents a gain of over 3% from around $76,000 during intraday trading. The market views the expectation of progress in negotiations as having a positive impact on risk assets overall.
Iran's latest proposal is interpreted as a sign that the will to negotiate remains, even though differences between the two sides regarding the existing negotiation plan still persist. Previously, U.S. President Donald Trump rejected Iran's proposal to demand sanction relief on the condition of lifting the blockade of the Strait of Hormuz, but the submission of this new proposal has once again highlighted the possibility of negotiations.
Furthermore, the fact that diplomatic solutions may be prioritized even as the U.S. considers military pressure is raising expectations for de-escalation. Indeed, it is reported that the U.S. delivered new amendments focusing on the nuclear issue during the mediation process through Pakistan.
Meanwhile, the expiration of Bitcoin and Ethereum options worth approximately $2.1 billion on the same day is also cited as a factor contributing to increased market volatility. It is analyzed that short-term price movements were amplified in conjunction with the large-scale derivative expiry.
Falling oil prices also had a positive impact on the market. Brent crude futures prices fell to around $106, dropping more than 4% in a day amid expectations of peace talks. Expectations of stable energy prices acted as a factor strengthening risk-asset preference.
Bitcoin continues its upward trend in a phase where expectations of easing geopolitical tensions and derivative market events are simultaneously at play. Investors are monitoring future negotiation progress and changes in macroeconomic variables to gauge market direction.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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