Donald Trump signed a memorandum of understanding between the United States and Iran. The agreement became a major geopolitical event. Despite this, Bitcoin still failed to recover after the Federal Reserve’s hawkish statements. As of the time of writing, the leading cryptocurrency is trading near $63,800, down 2.80% over the past 24 hours.
We break down the details of the agreement, the substance of the U.S. regulator’s statements and the reasons for the crypto market’s vulnerability to macroeconomic factors.
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What the U.S.-Iran peace memorandum signed by Trump means for the markets
The peace memorandum contains 14 key points. The main goal of this historic document is to halt hostilities and stabilize the situation in the region. In addition, the agreement provides for the launch of verification mechanisms, a clear lifting of existing sanctions, and a clear schedule of technical talks on Tehran’s nuclear program.
The signing of the memorandum was brought about by Pakistan’s mediating role with the support of Qatar, Saudi Arabia and Turkey. Trump called it a victory for his diplomacy and an example of the very approach he calls «The Art of the Deal».
Immediately after the news of the memorandum, Bitcoin jumped to $66,315 — the geopolitical de-escalation gave a boost to risk assets. Oil and gold quickly slid into the red — the geopolitical premium instantly evaporated on global markets.
Nevertheless, investors’ joy proved short-lived. In the wake of the Federal Reserve’s verdict, Bitcoin’s quotes turned downward. Because of this, market participants instantly switched their attention back to macroeconomics. Right now the coin sits close to its recent low at the $61,464 mark rather than near its repeated local peaks.
Source: BeInCrypto
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