Bitcoin and Ether recover sharply after Trump signals progress on U.S.-Iran negotiations, easing geopolitical tensions and pressuring oil prices.
Bitcoin surged to $77,300 over the weekend, rebounding from earlier losses as U.S. President Donald Trump indicated a U.S.-Iran deal is “largely negotiated.” The move coincided with a 7% drop in Brent crude to $96 and a 6% decline in WTI to $90, as easing tensions reduced supply disruption risks. Ether outperformed, climbing to $2,128, while HYPE held at $61.25.
BTC ETFs saw $1.25 billion in outflows ahead of the rebound, while HYPE ETFs attracted $68 million in inflows. JPMorgan now models Brent at $60 long-term if tensions fully ease, a level that could reignite Fed rate cut expectations. Markets were closed for Memorial Day in the U.S., limiting broader equity reactions.
The SEC also reversed its stance on tokenized stocks, shelving plans to allow them, while Ethereum co-founder Vitalik Buterin said the Ethereum Foundation will reduce ETH sales and focus on core development.