BTC Reclaims $64K Ahead of Expected Iran-US-Oman Hormuz Deal Today: Report

Bitcoin’s price recovery from the dip to $62,200 continues, as the asset has added two grand and now sits confidently above $64,000. It appears that the market is pricing in the latest positive development on the Middle East uncertainty.

A report from Axios from earlier this morning indicated that the US, Iran, and Oman are “closing in on an interim agreement to reopen the Strait of Hormuz.” Moreover, it added that President Trump wants the confirmation to be announced today.

The report follows the weekend developments in which the POTUS canceled the planned strikes against Iran and claimed that there’s a deal in the making, something which the Middle Eastern country initially refuted.

Citing two regional sources familiar with the matter, Axios outlined details of the worked-out deal: all inbound traffic of ships would go through the Iran-controlled northern lane, while outbound traffic would pass through the southern lane through Omani waters.

In addition, neither side will charge fees or tolls for a 60-day period. Previously, Iran wanted up to $2 million per ship, possibly paid in $BTC.

The parties will work on clearing naval mines from the median lane, which would later be used for inbound and outbound traffic under the terms of a permanent arrangement between Oman and Iran.

$BTC has gained over $2,000 since the local low at $62,200, as it continues to be impacted by the developments on the war front. However, the breakout attempt would probably not be validated until a permanent deal is reached.