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US President Donald Trump says the US and Iran have a deal for a “toll-free opening of the Strait of Hormuz,” sending Bitcoin to a two-week high.
A large build-up of speculative short positions in the yen raises the risk of a sharp short squeeze if the BOJ signals more aggressive tightening, potentially unwinding yen-funded carry trades that support risk assets.
The rally reflected improving risk sentiment following reports that the U.S. and Iran have reached a peace agreement, analysts said.
A ceasefire in April collapsed, and US strikes broke a second truce on June 9 with bitcoin giving back the entire move both times.
Bitcoin mining difficulty has undergone its second-largest downward difficulty adjustment this year, following February’s 11% shift.
A peace agreement that reopens the Strait of Hormuz pulled the geopolitical premium out of oil and put back into risk assets.
Crypto funds share their outlook on bitcoin, the biggest risks ahead, and where they see the best risk-reward opportunities today.
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