Bitcoin Rebounds as US Senate Advances Resolution to Stop Trump from Extending Iran War

Bitcoin reclaimed $77,300 as oil prices fell sharply below $103 per barrel over the last few hours. Trump threatens military strikes on Iran again after calling off a planned attack following the Gulf countries’ request.

US Senate Votes to Advance War Powers Resolution to End Iran War

The US Senate has passed a joint resolution 185, the New York Times reported on May 20. The Senate advanced the war powers resolution that would end ​the Iran war unless President Donald Trump obtains the Congress’ authorization.

The resolution advanced with 50 votes in favor and 47 against, as four Republicans sided with Democrats to end the Iran war. Notably, three Republicans missed the vote. This marks a victory for lawmakers arguing that Congress, not the president, should have ​the power to send troops to war.

However, it was only a procedural vote, and ​the resolution needs to pass the Republican-led House of Representatives even if it passes the Senate. Notably, the bill needs two-thirds majorities in both the House and Senate to survive an expected Trump ​veto.

Senator Bill Cassidy claimed he supports the Trump administration’s actions to dismantle Iran’s nuclear program. However, the White House and Pentagon have left Congress in the dark on Operation Epic Fury.

Bitcoin has reclaimed above $77,300 today, after the recent crypto market crash. The price jumped 1% in a few hours as the Senate advanced the Iran war resolution.

The 24-hour low and high are $76,082 and $77,325, respectively. However, trading volume has decreased by 31% over the last 24 hours, indicating a decline in interest among traders ahead of the FOMC minutes release.