Peace, Oil & $65K: Bitcoin Rips Two-Week High as Hormuz Drama Cracks Open 🌊

Bitcoin climbed to its highest level in nearly two weeks after the United States and Iran reached a deal to end hostilities and reopen the Strait of Hormuz, easing energy-supply fears that had weighed on global markets for months. The token traded around $65,844 on Monday, up 2.1% over 24 hours, after touching a low near $63,722 in the early hours of Asian trading before the deal news broke, per 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 across the crypto market. Ether rose 2.5% to $1,721, solana gained 3.6% to $71, and XRP added 3.2% to $1.19. Hyperliquid's HYPE was the standout, up 7.5% on the day to nearly $65. BNB and dogecoin both added more than 1%.

Risk assets joined the move. Brent crude slumped more than 4% toward $83 a barrel as traders unwound the geopolitical premium that had kept oil elevated since late February. Asian stocks jumped more than 3%, with Japan's Nikkei 225 heading for a record close. S&P 500 futures were up 1.2%, and the dollar fell against major peers.

Pakistani Prime Minister Shehbaz Sharif announced the deal first, followed by President Donald Trump and Iranian state media. Trump said the Strait of Hormuz will reopen on Friday upon signing. Neither side has released the full text, though the broad contours had been circulating for days.

Bitcoin's slide below $60,000 last week came from two directions at once: Iran tensions lifted oil prices, which reinforced bets on higher interest rates, and higher rates pulled money out of risk assets including crypto. A deal that brings oil back toward $83 runs that dynamic in reverse. Pressure points remain, however, including Strategy's disclosure earlier this month that it sold 32 bitcoin to fund preferred share dividends, which sparked a selloff exposing how much of crypto's demand had rested on the assumption that Saylor would never sell. ETF outflows added to that pressure, and neither of those demand questions gets answered by a peace deal.