Bitcoin climbed to its highest level in nearly two weeks after the US and Iran said they had reached an agreement to end hostilities and reopen the Strait of Hormuz, News.Az reports, citing Bloomberg.
The original cryptocurrency rose as much as 3.7% to $66,326 on Monday as investors resumed purchases of risk assets.
Ether, the second-largest token, jumped as much as 5.9% to $1,767, while smaller tokens such as Solana and XRP saw larger gains.
The rally comes after recent market tumult saw Bitcoin dip below $60,000 earlier this month, hitting its lowest level since October 2024.
When Michael Saylor's Strategy, the Bitcoin-accumulating company and the token's largest corporate buyer, revealed this month that it sold a tiny fraction of its holdings, it helped spark a selloff worsened by significant outflows in exchange-traded funds. The firm has resumed Bitcoin purchases in recent weeks. It bought $100 million worth of the token in the past week through selling common shares, following another purchase of over $100 million in the previous week.
Risk appetite returned to markets after President Donald Trump said on social media that a peace deal with Iran "is now complete" and that the US would end its blockade of the strait, a critical trade waterway. Stocks across Europe were driven higher on Monday, while US equities futures also jumped. Brent crude fell more than 4%.
The emergence of an agreement between the US and Iran presents "an interesting test" for Bitcoin, according to Daniela Hathorn, senior market analyst at Capital.com.
"During much of the conflict, crypto has traded like a high-beta risk asset with geopolitical uncertainty coinciding with ETF outflows, higher yields and weaker sentiment," Hathorn said. "A successful agreement removes one of the major macro risks hanging over markets and could help support broader risk appetite, particularly if it contributes to lower oil prices and reduces inflation concerns."
Reduced hostilities in the Middle East may help buoy risk assets ahead of Kevin Warsh's first meeting as chairman of the US Federal Reserve this week. However, a signal of higher rates would likely weigh on cryptocurrencies.
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