Bitcoin climbed above $65,500 on Monday, reaching its highest level in nearly two weeks after the United States and Iran agreed to end hostilities and reopen the Strait of Hormuz. The shift removed a major energy-supply concern that had weighed on global markets for months and quickly fed into crypto prices.
CoinDesk data showed bitcoin trading around $65,844, up 2.1% over 24 hours. Earlier in Asian trading, before news of the deal spread, the token had fallen to roughly $63,722. Even after last week’s slide below $60,000, bitcoin is now about 9% above that recent low, which marked its weakest level since October 2024.
Major tokens advanced, with HYPE leading the move
The rebound was broad across large-cap crypto assets. Ether rose 2.5% to $1,721, solana gained 3.6% to $71, and XRP added 3.2% to $1.19. Hyperliquid’s HYPE posted the strongest move among the names listed, jumping 7.5% to nearly $65. BNB and dogecoin each gained more than 1%.
Oil dropped as traders removed the geopolitical premium
Brent crude fell more than 4% toward $83 a barrel as traders unwound the geopolitical premium that had kept oil elevated since late February. The reaction spread across other markets. Asian stocks jumped more than 3%, Japan’s Nikkei 225 moved toward a record close, S&P 500 futures rose 1.2%, and the US dollar weakened against major peers.
Pakistan Prime Minister Shehbaz Sharif announced the deal first, followed later by President Donald Trump and Iranian state media. Trump said the Strait of Hormuz would reopen on Friday once the agreement is signed. Full terms have not been released by either side, though the broad outline had circulated in markets for several days.
Last week’s drop came from oil and rates pressure
Bitcoin’s break below $60,000 last week came from two directions at once. Tensions involving Iran pushed oil higher, and firmer oil reinforced expectations for higher interest rates. Those rate expectations then pulled money away from risk assets, including crypto. If oil returns toward $83, that chain starts to work in reverse.
Still, not every source of pressure has disappeared. Earlier this month, Strategy disclosed that it sold 32 bitcoin to fund preferred share dividends. That triggered a selloff and highlighted how much of crypto’s support had rested on the assumption that Saylor would not sell. ETF outflows added another layer of strain, and those demand-side issues are not resolved by a peace deal alone.
The next question is whether institutional flows shift with the broader risk-on move. If they do not, bitcoin’s recovery could lose momentum once the relief trade tied to Iran is fully priced in.