US President Donald Trump said a deal to end the fighting between the US and Iran is scheduled to be signed on Sunday, despite officials in Tehran previously casting doubt on the timeline.
“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” said Trump on Truth Social on Saturday.
Source: Donald Trump
Pakistan, which is mediating talks between the US and Iran, also signaled an agreement could be reached within 24 hours.
The deal, a memorandum of understanding, is expected to extend the ceasefire between the US and Iran for 60 days and reopen the Strait of Hormuz.
The naval blockade has choked 20% of the world’s supply of oil and liquefied natural gas, which has led to higher global asset prices and a sentiment shock that has pressured crypto markets for months.
“We are closer to a peace deal than ever before,” Pakistani Prime Minister Shehbaz Sharif said on X on Saturday. “With finalisation likely expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace deal immediately after, followed by technical level talks next week.”
Iran has not confirmed the Sunday signing.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei told state media earlier that the memorandum wouldn’t be signed on Sunday, but could happen “in the coming days.”
“We will have to wait and see about 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
Crypto analyst Michaël van de Poppe said a peace deal between Iran and the US will likely prompt a surge in Bitcoin, along with positive ETF flows.
Spot Bitcoin exchange-traded funds (ETFs) recorded about $315.84 million in net outflows for the week ended Friday, marking the fifth consecutive week of outflows for the Bitcoin-linked crypto funds.
Related: Bitcoin tags $63.2K as BTC price action ignores inflation, Iran Hormuz closure
“Liquidity will pour back into risk-on assets as liquidity will seek for an opportunity and after SpaceX IPO was done, most likely this will go towards crypto,” he added.
On Wednesday, CoinShares head of research James Butterfill told Cointelegraph the recent outflow from digital asset investment products was being primarily driven by geopolitics, with uncertainty around the Iran conflict weighing on the outlook for interest rates.
Bitcoin was trading at $64,491 at the time of writing, up 1.5% over the past 24 hours.
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