Bitcoin heads higher as President Trump announces Iran peace agreement

"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.

What to know:

• Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
• As part of the deal, Trump said, the Strait of Hormuz will be reopened.

After crumbling about 4% late Friday into early Saturday, bitcoin BTC$77,027.54 has more than retraced those losses in the past few minutes after President Trump announced a coming agreement with Iran and other Middle Eastern countries.

"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote Trump in a Truth Social post.

"In addition to many other elements of the Agreement, the Strait of Hormuz will be opened," the president continued.

The news sent bitcoin sharply higher to $76,700 after having fallen to nearly $74,000 earlier on Saturday.

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Former Credit Suisse global head of portfolio and Risk Dimensions CIO Mark Connors says bitcoin has broken out of its longest stretch of underperformance in history and is ready to beat stocks, bonds, and gold as inflation stubbornly sticks around.

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• Bitcoin may be entering a new phase of outperformance versus traditional assets after ending its longest-ever stretch of underperformance against the S&P500 in early May, according to investor Mark Connors.
• Connors argues that persistent inflation, structurally high oil prices and a “higher-for-longer” interest-rate environment are pressuring bonds and could favor...

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