Bitcoin has surged to its highest level in nearly two weeks, fueled by a significant diplomatic breakthrough between the United States and Iran, which has led to the reopening of the Strait of Hormuz. This development has alleviated the energy-supply concerns that had been pressuring markets for several months. On Monday, Bitcoin traded at approximately $65,844, reflecting a 2.1% increase within a 24-hour period. Earlier in the day, it had dipped to around $63,722 during early Asian trading, before recovering significantly following the announcement of the deal.
This uptick places Bitcoin nearly 9% above the sub-$60,000 level it reached last week, marking its lowest point since October 2024. The positive momentum extended beyond Bitcoin; other cryptocurrencies also showed notable gains. Ethereum (ETH) advanced 2.5%, reaching $1,721, while Solana (SOL) increased by 3.6% to $71. XRP experienced a rise of 3.2%, hitting $1.19. Hyperliquid’s HYPE was particularly impressive, climbing 7.5% to nearly $65. Major players such as BNB and Dogecoin also recorded gains of over 1%.
In the commodities market, Brent crude oil prices fell more than 4%, approaching $83 a barrel as traders adjusted their positions in anticipation of reduced geopolitical tensions, which had kept oil prices elevated since late February. The relief in energy supply concerns contributed to a broader rally in Asian equities, with stocks rising more than 3%. Japan’s Nikkei 225 index is on track for a record closing, while S&P 500 futures are up by 1.2%. Meanwhile, the U.S. dollar weakened against major currencies, reflecting the shifting sentiment in global markets.
