The slide that began Saturday night after Vice President JD Vance left Pakistan without securing a peace deal in Iran has now reversed somewhat.
After falling as low as $70,500 at one point on Sunday, the price of bitcoin has rebounded to $72,100 during US Monday morning trading hours. Helpful were reports suggesting Iran was considering giving up its enriched uranium as a concession to end the war.
US stocks have also reversed big early losses, the Nasdaq is now higher by 0.3% after falling more than 1%.
Meanwhile, the promised US blockade of the Strait of Hormuz – scheduled for 10 ET – apparently went into effect.
“Security in the Persian Gulf and the Sea of Oman is either for all or for NONE,” the Islamic Republic of Iran Broadcasting reported on Monday. “NO port in the region will be safe,” based on a statement from Iran’s military and Revolutionary Guards.
Crypto-related stocks are also moving higher, led by an 8.3% gain for stablecoin issuer Circle (CRCL). Coinbase (COIN) is up 3.1% and Strategy (MSTR) is up 1.5%.
Read more: Strategy buys 13,927 bitcoins for $1 billion, all through STRC
Does lightning strike twice?
Bitcoin has now consolidated for 67 days since its February 5 local bottom at $60,000, almost identical to the 68-day period of consolidation between November 21 and January 28, which preceded a sharp drop from around $90,000 to $60,000 in a week. Bears expect a similar outcome, which could include a retest of the 200-week moving average around $60,000.
