– Bitcoin climbed to its highest level in nearly two weeks after the US and Iran said they had reached an agreement to end hostilities and reopen the Strait of Hormuz.
Most Read from Bloomberg The original cryptocurrency rose as much as 3.1% to $65,958 on Monday, before losing steam slightly
It was trading at around $65,600 in early morning in New York. Ether, the second-largest token, had risen as much as 3.7% to $1,731, while smaller tokens such as Solana and XRP saw larger gains. The rally comes after recent market tumult saw Bitcoin dip below $60,000 earlier this month, hitting its lowest level since October 2024.
When Michael Saylor’s Strategy, the Bitcoin-accumulating company and the token’s largest corporate buyer, revealed this month that it sold a tiny fraction of its holdings, it helped spark a selloff worsened by significant outflows in exchange-traded funds. A “key level to watch for Bitcoin is $67,000, which has a confluence of factors including volumes and moving averages,” said Pratik Kala, a portfolio manager at the digital-asset hedge fund Apollo Crypto. “The Strategy risk has not been cleared, but the market is overlooking it.” Risk appetite returned to markets after President Donald Trump said on social media that a peace deal with Iran “is now complete” and that the US would end its blockade of the strait, a critical trade waterway. Stocks across Europe were driven higher on Monday, while US equities futures also jumped.