On Tuesday, risk assets, including bitcoin, experienced a late surge following Axios’s report that Iran responded positively to Pakistan’s request for a two-week ceasefire.
White House Press Secretary Karoline Leavit stated, “The President has been informed about the proposal and will provide a response,” when questioned regarding the news.
After facing significant pressure earlier in the day, the Nasdaq managed to close slightly higher. Similarly, cryptocurrencies followed this trend with bitcoin rising to $69,400 after dipping below $68,000 just hours before.
The markets initially struggled on Tuesday after President Trump warned that “a whole civilization will die” if Iran does not open the Strait of Hormuz by his 8 pm ET deadline. This statement drew harsh criticism from various politicians and public figures who had previously supported him; some even called for his impeachment.