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Bitcoin rebounds, oil slumps as fears of full-blown U.S.-Iran clash ease

Global markets swung sharply as hopes rose for a last-minute diplomatic breakthrough between the United States and Iran. With prospects of easing Middle East tensions, oil prices slumped and bitcoin rebounded to near $70,000. Reports cited expectations of positive news before a deadline set by U.S. President Donald Trump, and traders began discounting supply-disruption risks such as a Strait of Hormuz closure. Pakistan sought a two-week extension and proposed a temporary truce and reopening of the strait.