Bitcoin has reclaimed $81,000 after U.S. President Donald Trump ruled out attacks on Iran before the Nov. 3 midterm elections, while oil prices have retreated following his statement.
Summary
- Bitcoin recovered above $81,000 following Trump’s statement, according to TradingView data cited in the report.
- Trump said discussions with Iran were productive, while maintaining the U.S. blockade.
- Polymarket traders assigned a 60% chance to the ceasefire lasting through Nov. 15.
- Iran’s foreign minister said Tehran would respond to Washington’s proposal within the next few days.
President Donald Trump said in an Oct. 8 Truth Social post that Washington was holding productive discussions with Tehran and would not attack Iran before Americans vote on Nov. 3. Alongside the pledge, he said the blockade would remain in force and repeated his position that Iran must not obtain a nuclear weapon.
Bitcoin recovers $81K after Trump’s statement
According to TradingView data cited in the supplied report, Bitcoin moved back above $81,000 after Trump’s announcement. PrimeXBT’s Oct. 8 market report also recorded the recovery and said oil prices pulled back following the president’s remarks.
In the same report, PrimeXBT described a volatile session in which Bitcoin had fallen below $81,000 for the first time since Sep. 21. More than $480 million in crypto positions were liquidated within one hour, with long positions accounting for most of the losses, according to the trading platform.
Earlier reporting shows that pressure from the conflict had already interrupted Bitcoin’s September recovery. On Sep. 28, crypto.news reported Bitcoin’s pullback below $84,000 after its previous week’s advance above $87,000, while renewed uncertainty over Iran weighed on markets.
According to that report, Trump had rejected an Iranian proposal involving a seven-day reopening of the Strait of Hormuz and a pause in fighting before talks on unresolved issues. During comments that Sunday, he said the conflict could end soon but declined to rule out military action before the midterms.
Trump keeps the blockade while ruling out attacks
In Thursday’s post, Trump described the diplomatic contacts as “productive discussions,” according to Ynetnews, which reproduced his statement. He also said Iran remained under economic and military pressure while the U.S. blockade continued.
Trump claimed that 22 million barrels of oil had passed through the Strait of Hormuz the previous night, with none entering or leaving Iran. His post presented the volume as a record and said the blockade would remain fully effective.
The president’s pledge followed reports that military officials were preparing options for renewed attacks. Ynetnews reported, citing Axios, that U.S. Central Command had been instructed several days earlier to complete preparations for a possible return to major combat operations, although Trump had made no final decision and no date had been set.
In separate coverage, Ynetnews said NBC News had reported discussions between Trump and his national security team about large-scale operations within weeks. The publication also cited The Atlantic’s reporting that the Pentagon had been asked to prepare possible strike options before the election.
According to The Atlantic’s account, as relayed by Ynetnews, officials were still considering the operation’s scope, and a more substantial military campaign could follow after the vote. The reports described preparations and internal discussions rather than an approved attack.
Previous fighting hit Bitcoin and U.S. markets
The conflict’s effect on oil and American financial markets was documented in a Sep. 1 market report. Following fresh U.S. strikes on Iranian targets, Bitcoin fell through $78,000 and $77,000 to trade around $76,762, down from an intraday high near $79,166.
According to CoinGlass figures cited in that report, roughly $115 million in leveraged crypto long positions were liquidated within one hour. Ethereum also fell below $2,400 during the selling.
Reuters figures included in the coverage showed Brent crude settling 4.6% higher at $94.65 a barrel, while U.S. West Texas Intermediate gained 5.2% to $90.22. The report also recorded rising Treasury yields and an S&P 500 decline to its lowest level since Aug. 4.
American investors’ exposure also runs through U.S.-listed Bitcoin funds. In its Sep. 28 coverage, the publication cited Farside Investors data showing $2.39 billion in net inflows into spot Bitcoin ETFs during Sep. 21–25. Every session recorded positive flows, with BlackRock’s IBIT accounting for about $1.16 billion.
An Aug. 31 market report documented another period when Bitcoin held near $77,900 despite renewed fighting and rising crude prices. According to that coverage, BTC gained approximately 23% during August, compared with reported monthly advances of 9% for gold and 4% for the Nasdaq.
The same report said U.S. spot Bitcoin ETFs had accumulated about $2.8 billion across eight consecutive inflow sessions. Farside data cited in the coverage then showed an estimated $201.9 million in net outflows on Aug. 28.
Iran prepares its response to Washington’s proposal
Following Trump’s statement, Polymarket traders assigned a 60% probability that the U.S.-Iran ceasefire would remain in place through Nov. 15, according to the supplied report. PrimeXBT’s Oct. 8 coverage also recorded a 60% reading for the ceasefire lasting until mid-November.
On the diplomatic track, Iranian Foreign Minister Abbas Araghchi said Tehran had submitted its seven-day plan and received Washington’s views in response, according to remarks reported by Antiwar.com, citing WANA.
The foreign minister said Iran was reviewing the American response and expected to answer within the next few days. In the same remarks, he warned that Tehran was more prepared than before if Washington pursued military action and would take measures to defend itself.
