Khaberni - Cryptocurrency prices rose during Wednesday's trading, with increased risk-taking amid news of an impending agreement between the United States and Iran to end the war, according to the CoinDesk platform.
Bitcoin, the cryptocurrency with the highest market cap, rose 1.42% to $82,390 per unit, while Ethereum increased by 0.9% to $2490.84, whereas Tether rose and stabilized at $0.9996.
Overall, the combined market value of cryptocurrencies increased by 2.27% to $2.74 trillion, according to the "Coin Market Cap" platform.
Hopes to Stop the War
The movements in cryptocurrencies followed a report published by the American website Axios, stating that Washington and Tehran are on the verge of reaching a one-page memorandum of understanding aimed at ending the war.
These developments raised hopes for the return of oil flows through the Strait of Hormuz, and have caused significant disruption to energy flows since late February, significantly impacting global energy markets, especially in Asia.
CoinDesk quoted currency analyst from the website Forex Live, "Justin Low," as being somewhat skeptical about the last point concerning Iran's concession in the nuclear file, but he added, "we have to wait and see what happens."
However, the possibility of de-escalation was enough to initiate a broad shift in trading positions, as traders moved towards high-risk assets and moved away from their investments in the energy sector, anticipating a decrease in geopolitical tensions.
