Bitcoin Rises on Hopes For De-escalation in Middle East Conflict — Market Talk

Bitcoin turns marginally higher as risk appetite improves on hopes for a U.S.-Iran deal over the Strait of Hormuz. "The mood has improved slightly in the last 24 hours, with Pakistan saying that the U.S. and Iran are close to 'some sort of arrangement'," XM analyst Raffi Boyadjian says in a note, citing media reports. However, even if an agreement is reached, it will take time for the Strait to reopen while any mistrust about compliance by either side could see the deal fall through, he says. Elsewhere, markets await U.S. inflation data at 1230 GMT which could provide hints on the Federal Reserve's interest-rate path. Bitcoin rises 0.6% to $64,086, LSEG data show. ([email protected])