According to The Wall Street Journal, Trump told his Aides that he is willing to end the war with Iran without reopening the Hormuz Strait. After weeks of conflict between Iran, Israel, and the US, President of the United States, Donald Trump, is willing to end the campaign against Iran, although the Strait remains largely closed.
The conflict itself has disrupted global oil supply, which influence towards the trade market. Several major stocks experienced a decline in value. At the same time, Trump’s statement above creates an assumption among the global market and makes it unstable. There is hope of economic recovery due to the decision to end the war.
In this situation, the crypto market, especially Bitcoin, continues to perform well and have stand out against the backdrop. CoinDesk claimed that Bitcoin refused to break structurally lower even after the decline in value when the escalation of conflict occurred.
On the Tuesday morning of March 31, Bitcoin traded at $67,545 after being flat for over 24 hours. This occurred after its recovery from a dip below $65,200 that marked its lowest level in late February since the war between Iran, Israel, and the US began. During the entire war, Bitcoin traded around $65,000 and $73,000. This indicates that Bitcoin has become more resilient as a safe haven in this situation, compared to stocks and traditional safe havens such as gold and silver.
Two situations that made Bitcoin begin to stand out in this situation and might increase in value are the macro pressure from oil supply that influences inflation, and the recovery of value because of the hope of a ceasefire.
