Bitcoin climbed to its highest level in nearly two weeks after the United States and Iran reached an agreement to end hostilities and reopen the Strait of Hormuz, removing energy supply fears that had weighed on markets for months.
The token was trading around $65,844 on Monday, up 2.1% in 24 hours, after hitting a low near $63,722 in early hours of Asian trading before news of the deal broke, according to 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 rose 3.6% to $71, and XRP added 3.2% to $1.19. Hyperliquid’s HYPE was eye-popping, up 7.5% on the day to nearly $65. BNB and dogecoin both added more than 1%.
Brent crude fell more than 4% to $83 a barrel. barrel as traders shed the geopolitical premium that had kept oil elevated since late February. Asian shares rose more than 3%, with Japan’s Nikkei 225 heading for a record close. S&P 500 futures rose 1.2 percent. The dollar fell against major peers.
