After a relatively stable weekend with a price range of $66,000 to $67,000, Bitcoin’s value plummeted early on Monday, reaching a new monthly low before recovering towards $68,000. This increase in volatility follows Trump’s declarations concerning the conflict between the U.S./Israel and Iran, including remarks about a “significant day in Iran.”

Trump on Truth Social

U.S. Plans to Take Kharg Island?

Moreover, a report from the Financial Times, mentioned by The Kobeissi Letter, indicated that Trump expressed intentions to “take the oil in Iran” and is considering an operation to capture Kharg Island, a critical oil export hub that accounts for up to 90% of Iran’s oil infrastructure.

“To be honest with you, my favorite thing is to take the oil in Iran but some stupid people back in the US say: ‘why are you doing that?’ But they’re stupid people.” — Donald Trump

The Wall Street Journal reinforced previous claims that the U.S. might deploy troops to Iran for the specific aim of extracting about 1,000 pounds of uranium, a mission viewed as “complex and risky,” requiring U.S. forces to stay for an extended period.

In Trump’s view, this endeavor could ultimately hinder Iran’s ability to develop nuclear weapons, as he has instructed his team to “press Iran to agree to surrender the material as a condition for ending the war.” Despite varying reports regarding direct negotiations between the two countries, the Wall Street Journal stated that no such diplomatic discussions have occurred yet.

Bitcoin Price Reaction

Bitcoin’s price movements over the weekend were notably subdued, hovering between $66,000 and $67,000. However, it witnessed a sharp downturn, dropping just below $65,000, coinciding with Trump’s latest remarks. The price rebounded almost $3,000 shortly after, reaching nearly $68,000. Many alternative cryptocurrencies mirrored Bitcoin’s volatility, totaling approximately $300 million in liquidations within a few hours, with longs accounting for over $200 million.