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.
Pakistani Prime Minister Shehbaz Sharif announced the deal first, followed by President Donald Trump and Iranian state media. Trump said the Strait of Hormuz will reopen on Friday upon signing.
Neither side has released the full text, but the broad contours had been circulating for days.
Bitcoin's slide below $60,000 last week came from two directions at once. Iran tensions fed higher oil, which reinforced bets on higher interest rates, and higher rates pulled money out of risk assets including crypto. A deal that brings oil back toward $83 runs that dynamic in reverse.
Another other pressure point remains, however. Strategy's disclosure earlier this month that it sold 32 bitcoin to fund preferred share dividends sparked a selloff that exposed how much of crypto's bid had rested on the assumption that Saylor would never sell.
ETF outflows added to that pressure, and neither of those demand questions gets answered by a peace deal. Watch whether the institutional flows turn with the risk-on mood, or whether bitcoin's recovery stalls once the Iran relief trade is fully priced.
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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