Trump Scraps Iran Bombing Plan, Easing Middle East Tensions and Fueling ‘TACO Monday’ Crypto Chatter

The United States and Iran have long been at odds over Tehran’s nuclear program, sanctions and security in the Strait of Hormuz. Any military action could affect oil supplies, global financial markets and risk appetite for cryptocurrencies. Trump’s shifting policy positions have prompted markets to use the acronym “TACO” to mock what they see as a pattern of retreating after issuing tough threats.

Trump said he had canceled a plan to bomb Iran on May 19 in response to requests from the leaders of three Middle Eastern countries and would pursue diplomatic negotiations instead. Iran proposed an arrangement involving the Strait of Hormuz in exchange. After the announcement, the crypto community seized on “TACO Monday” and questioned whether geopolitical messaging could be used to sway market sentiment.