Bitcoin Books a Diplomatic Suite: $BTC Checks In Above $64K as US-Iran Peace Deal Hits the Final Block 🕊️

Bitcoin climbed above the $64,000 mark over the weekend, with $BTC reaching an intraday high of more than $64,200 on Saturday, June 13, according to TradingView data. The largest cryptocurrency by market capitalization rose more than 1% over the past 24 hours and was up over 8% from its June low of just above $59,000, putting it on track to end a four-week losing streak. As of press time, $BTC traded at $63,949.08, up 0.14% on the day.

The move followed a series of statements from officials in Washington, Tehran and Islamabad indicating that a U.S.-Iran peace agreement was nearing finalization. On Thursday, June 11, U.S. President Donald Trump announced on Truth Social that he had "cancelled the scheduled strikes and bombings against Iran this evening" after progress in talks with Tehran, writing that the decision to suspend military action is "based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved." He said "discussions and final points have been, in both concept and great detail, approved by all parties involved," listing the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan and Egypt, and adding that the "Time and place of the signing" would be revealed shortly. On Saturday, Trump confirmed on Truth Social that "The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL," contrasting the agreement with the JCPOA by writing, "Barack Hussein Obama's Deal with Iran, the JCPOA, was an easy, beautiful, smooth road to a Nuclear Weapon," and adding, "My Agreement with Iran is the exact opposite, A WALL TO NO NUCLEAR WEAPONS!"

Iranian Foreign Minister Abbas Araghchi corroborated the trajectory in an X post, stating that the Islamabad MOU "has never been closer," while urging the media to refrain from speculating about its content pending finalization and adding, "In line with our responsible and transparent approach, all details will be shared with the public in due course." Pakistan's Prime Minister also stated on X: "We are closer to a peace deal than ever before. With finalisation likely within the next 24 hours, Pakistan is preparing for the electronic signing of the agreement immediately afterwards, followed by technical-level talks next week."

The rally was supported by renewed demand for U.S. spot Bitcoin ETFs, which recorded $85.9 million in net inflows on Friday, the largest daily inflow since May 14. A Standard Chartered analyst noted on Friday that ETF holders have anecdotally been liquidating their positions to free up cash to participate in the SpaceX initial public offering, suggesting that the launch of the SpaceX IPO on Friday may ease that selling pressure. The Strait of Hormuz remains a focal point for global energy markets, with reopening tied to the finalization of the agreement.