US President Donald Trump said a deal to end fighting between the United States and Iran should be signed on Sunday, although officials in Tehran have expressed doubts about the timeline.
“The agreement is expected to be signed tomorrow, and immediately after its signing, the Strait of Hormuz is OPEN TO ALL,” said Trump on Truth Social Saturday.
Source: Donald Trump
Pakistan, which also plays the role of mediator in the negotiations between the United States and Iran reported an agreement could be reached within 24 hours.
The agreement, a memorandum of understanding, is expected to extend the ceasefire between the United States and Iran by 60 days and reopen the Strait of Hormuz.
The naval blockade choked off 20% of the world’s supply of oil and liquefied natural gas, leading to rising global asset prices and a sentiment shock that put crypto markets under pressure for months.
“We are closer than ever to a peace agreement,” Pakistani Prime Minister Shehbaz Sharif said on X on Saturday. “With finalization likely expected within the next 24 hours, Pakistan is preparing for the electronic signing of the peace agreement immediately thereafter, followed by technical talks next week.”
Iran has not confirmed Sunday’s signing.
Iranian Foreign Ministry spokesman Esmaeil Baghaei earlier told state media that the memorandum would not be signed on Sunday, but could take place “in the coming days.”
“We will have to wait to know the exact date of the signing of the memorandum of understanding, although it will not be tomorrow,” Baghaei said.
Analysts Say Peace Deal Will Benefit Crypto
Michaël van de Poppe, crypto analyst said A peace deal between Iran and the United States will likely result in skyrocketing Bitcoinas well as positive ETF flows.
Spot Bitcoin Exchange Traded Funds (ETFs) recorded approximately $315.84 million in net outflows for the week ended Friday, marking the fifth consecutive week of outflows for Bitcoin-related crypto funds.
“Liquidity will be pumped back into risk assets because liquidity will be looking for an opportunity and after the SpaceX IPO, it will most likely go to crypto,” he added.
On Wednesday, James Butterfill, head of research at CoinShares, told Cointelegraph: recent outgoing flow The rise in digital asset investment products was primarily driven by geopolitics, with uncertainty around the Iran conflict weighing on the interest rate outlook.
Bitcoin was trading at $64,491 at the time of writing, up 1.5% in the last 24 hours.