Bitcoin Tops $65,000 to a Two-Week High as the US-Iran Deal Reopens the Strait of Hormuz and Sends Oil Sliding - Unchained

Bitcoin climbed to its highest level in nearly two weeks after the US and Iran reached a deal to end hostilities and reopen the Strait of Hormuz, removing the energy-supply fear that had weighed on 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 early Asian trading before the deal news broke. 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: ether rose 2.5% to $1,721, solana gained 3.6% to $71, XRP added 3.2% to $1.19, and Hyperliquid’s HYPE jumped 7.5% to nearly $65.

This story is an excerpt from the Unchained Daily newsletter.

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The geopolitical breakthrough rippled across markets.

Brent crude slumped more than 4% toward $83 a barrel as traders unwound the 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, while S&P 500 futures rose 1.2% and the dollar weakened.

Pakistani Prime Minister Shehbaz Sharif announced the deal first, followed by Trump and Iranian state media, with the Strait set to reopen Friday upon signing. Neither side has released the full text, and a formal signing is planned in Switzerland.

The mechanism connecting the deal to crypto is straightforward. Bitcoin’s slide below $60,000 last week came from two directions at once: Iran tensions fed higher oil, 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, easing inflation pressure and improving the case for risk assets.

The relief bounce comes in June, when Strategy, one of the largest bitcoin digital asset treasuries, disclosed that it sold 32 BTC to fund preferred-share dividends, its first sale since 2022. That sparked a selloff that exposed how much of crypto’s bid had rested on the assumption that Michael Saylor would never sell. Spot bitcoin ETF outflows added to that pressure, though flows have turned positive on June 13 with $85.8 million in net inflows, the first green day in roughly four weeks. Whether institutional demand turns with the risk-on mood, or bitcoin’s recovery stalls once the Iran relief trade is priced in, is the open question now.

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