- Bitcoin rose about 2% to roughly $65,800, its highest level in nearly two weeks, after the United States and Iran reached a deal to end hostilities and reopen the Strait of Hormuz.
- The agreement eased energy-supply fears, sending Brent crude down more than 4% toward $83 a barrel and lifting global risk assets, including major cryptocurrencies and Asian stocks.
- Analysts say bitcoin’s rebound may be limited by ongoing concerns over institutional demand, including ETF outflows and recent sales by Strategy, even as the Iran-related risk premium fades.
Bitcoin climbed to its highest level in nearly two weeks after the US and Iran reached a deal to end hostilities and reopen the Strait of Hormuz, removing the energy-supply fear that had weighed on markets for months.
The token traded around $65,844 on Monday, up 2.1% over 24 hours, after touching a low near $63,722 in the early hours of Asian trading before the deal news broke, per CoinDesk data.
The move puts bitcoin about 9% above the sub-$60,000 low it hit last week, its weakest level since October 2024.
The rally was broad. Ether rose 2.5% to $1,721, solana gained 3.6% to $71 and XRP added 3.2% to $1.19. Hyperliquid's HYPE was the standout, up 7.5% on the day to nearly $65. BNB and dogecoin both added more than 1%.
Brent crude slumped more than 4% toward $83 a barrel as traders unwound the geopolitical premium that had kept oil elevated since late February. Asian stocks jumped more than 3%, with Japan's Nikkei 225 heading for a record close. S&P 500 futures were up 1.2%. The dollar fell against major peers.
