On May 24, the cryptocurrency market rallied across the board.
Data shows that the cryptocurrency market surged significantly, $Bitcoin (BTC.CC)$ briefly rebounding above USD 77,000; as of the time of writing, it stood at USD 76,916 per coin. In addition, other cryptocurrencies also experienced a wave of gains, with $Ethereum (ETH.CC)$ rebounding above USD 2,100.
On the news front, on the afternoon of May 23 Eastern Time, U.S. President Trump posted on social media stating that the United States and Iran had largely agreed on a deal.
Trump stated that a deal between the United States and Iran has been essentially reached, pending finalization by both sides and relevant Islamic countries. He also spoke with Israeli Prime Minister Netanyahu. The final elements and details of the agreement are currently under discussion and will be announced shortly.
Trump also said that, among many other provisions in the agreement, the Strait of Hormuz would be opened accordingly.
In the early hours of the 24th local time, Iranian authorities released a statement saying that Trump’s latest social media remarks regarding the ‘opening of the Strait of Hormuz’ were ‘incomplete.’
According to available information, under the latest exchanged texts, even if an agreement is reached, the Strait of Hormuz will remain under Iranian ‘management.’ Furthermore, although Iran has agreed to restore the number of vessels permitted to pass through the Strait to pre-war levels, this does not imply a return to the pre-war status of ‘freedom of navigation.’
Iran emphasized that it will retain full authority over the management of the Strait of Hormuz, including route planning, vessel transit schedules and methods, and granting of permissions. Therefore, Trump’s related statements are incomplete and inconsistent with the facts.
Additionally, according to Israeli sources, Prime Minister Netanyahu convened a meeting that evening with leaders of coalition parties and security officials to discuss the ongoing negotiations between the United States and Iran. Israel expressed concern that the terms of the agreement would be ‘highly detrimental’ to its interests.
Editor /rice