Reports of a US-Iran peace initiative sent fresh volatility through crypto and commodity markets. Bitcoin rose 0.9% on the day and stayed above $71,000, marking its third straight day above that level. The weekly picture remained weaker. After reaching $75,000 last week, Bitcoin was still down 6.4% for the week, with weekend selloffs and liquidations weighing on short-term price action.
Major cryptocurrencies posted mixed moves
Ethereum added 1.7%, yet it still delivered the weakest weekly performance among the largest cryptocurrencies. XRP posted only a slight daily gain, while its weekly loss stayed above 8%. Solana climbed 2.5% on the day but remained lower on a weekly basis, and BNB extended its weekly decline after a small daily drop. Tron stood apart from the rest, becoming the only major digital asset to record gains both on the day and across the full week.
Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin’s ability to remain above $70,000, even without a decisive breakout, points to market strength and continued investor confidence.
Oil drops below $100 as inflation pressure eases
After news of the peace proposal emerged, Brent crude fell 4.7%, dropping below $100 for the first time since mid-March. That move ended a multiweek stretch above the $100 mark. Lower oil prices eased some of the inflation pressure that had been weighing on risk assets over the past month. At the same time, the US dollar weakened, Asian equities moved higher, and futures tied to US and European stock indexes turned positive.
The report said the sharp decline in oil could make it easier for the Federal Reserve to avoid tighter monetary policy, which may help keep global liquidity conditions supportive. Over the past 90 days, Bitcoin has shown a strong correlation with the S&P 500, though that relationship briefly diverged during the conflict. Since the war began, Bitcoin has been relatively steady, while leading altcoins have posted weekly losses ranging from 4% to 9%.
Details of the 15-point plan remain undisclosed
For the past month, markets have been dealing with geopolitical headlines, abrupt selling waves, and oil-price shocks, yet prices have not made a lasting move in either direction. Full details of the reported 15-point peace plan have not been released. According to the report, it includes commitments from Iran not to develop or possess nuclear weapons and not to enrich nuclear material. Maritime traffic through the Bosphorus Straits also remains significantly constrained, a sign that uncertainty in the region is still unresolved.