US President Donald Trump has rejected Iran’s peace proposal, which offered a seven-day ceasefire in exchange for reopening the Strait of Hormuz, and indicated he plans to resume bombing after the November midterm elections. This escalation in Middle East tensions has halted bitcoin’s progress, as the cryptocurrency had reached a high of $87,000 earlier this week before pulling back to around $84,000. Despite this setback, bitcoin has gained $20,000 since mid-August, though this momentum could be jeopardized if hostilities resume. The cryptocurrency had already dropped by roughly $2,000 last weekend following a new round of US attacks on Iran.
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