Bitcoin (BTC) rallied toward $66,000 on Monday after Donald Trump declared a peace deal with Iran complete and ordered the Strait of Hormuz reopened.
Key Points:
- Bitcoin climbed near $66,000, its highest in about two weeks, after Trump announced a U.S.-Iran peace deal.
- The pact would reopen the Strait of Hormuz and lift the U.S. naval blockade, easing oil and inflation worries.
- Markets now turn to the Federal Reserve's rate decision this week, the first under new chair Kevin Warsh.
Bitcoin Rallies On Hormuz Reopening
Trump announced the agreement in a post on Truth Social late Sunday, clearing toll-free passage through the waterway and lifting the U.S. naval blockade on Iranian oil. Within hours the token climbed above $65,000 for the first time in roughly two weeks, touching a high near $65,900 before easing back.
Most altcoins joined the rebound, with Ether (ETH) back above $1,700, Solana (SOL) near $70 and Hyperliquid (HYPE) pacing gains close to 7%. The total crypto market value climbed back above $2.3 trillion.
Crude prices slid on the news, with WTI down about 3% near $84.88 a barrel and Brent off by a similar margin.
Cheaper energy eases inflation pressure and brightens the case for risk assets, a shift that lifted Asian equities alongside crypto. The signing is set for Friday, Jun. 19, with Pakistan helping broker the terms after more than 100 days of conflict.
Also Read: Bitcoin Bulls Eye $67K After Trump Says Hormuz Will Open To All
Adziima Ties Rally To Risk Premium
Andri Fauzan Adziima, research lead at Bitrue Research Institute, told reporters the deal strips out a major risk premium and sparks a "clear risk-on move as uncertainty fades." He tied Bitcoin's push above $65,000 to traders rotating back into crypto on softer oil pressure, while warning that last-minute signing snags could still upend the trade.
The optimism lands in a tense macro week. Analyst Michaël van de Poppe called the breakout a trigger for broader risk appetite, predicting altcoins would soak up fresh liquidity.
Attention now turns to the Federal Reserve, which sets rates Wednesday in its first meeting under new chair Kevin Warsh.
Traders widely expect borrowing costs to hold steady.
Bitcoin's recent path has stayed choppy. The token slipped below $60,000 on Jun. 6 as the Iran war, which erupted with U.S. and Israeli strikes on Feb. 28, rattled global markets. A brief April ceasefire failed to hold, and prices swung with each headline from Washington and Tehran. It still trades well below its October record above $126,000, leaving the rebound looking more like relief than a clean reversal.
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