Bitcoin (CRYPTO: BTC) climbed above $65,000 on Monday after reports of a U.S.-Iran peace deal triggered a broad risk-on move, with Coinbase (NASDAQ:COIN) CEO Brian Armstrong saying he believes BTC has probably bottomed at $60,000.
US-Iran Peace Deal Reopens Strait of Hormuz and Pulls Risk Premium Out of Markets
President Trump announced Sunday that the US and Iran reached a framework agreement, with the naval blockade set to lift and the Strait of Hormuz reopening once both sides sign.
The deal, reported by CNN, closes the chapter on the single biggest inflationary pressure weighing on global markets since the conflict began, with oil supply restrictions through the strait driving energy costs higher for months.
Moreover, Ethereum (CRYPTO: ETH) gained 5%, XRP (CRYPTO: XRP) added 7%, and Solana (CRYPTO: SOL) rose 4%.
“Markets are repricing risk after reports of a US-Iran peace deal and the reopening of the Strait of Hormuz, triggering a broad risk-on move across assets,” said Zeus Research analyst Dominick John.
Laevitas Head of Markets Rick Maeda added the price action was “macro relief beta, amplified by thin weekend liquidity, rather than a crypto-native story.”
Armstrong Says $60,000 Was Probably The Bottom, Eyes Much Higher Price By 2030
Speaking Monday, Armstrong said he remains as bullish as ever on Bitcoin and believes the $60,000 level was likely the cycle low.
“My instinct is we probably have bottomed at this point, maybe at the 60k number, but nobody can say for sure,” Armstrong said.
He added he expects a much higher price by 2030 and remains long Bitcoin.
One Risk That Sent Bitcoin From $65,000 to $50,000 Last Time Is Building Again
Despite the bullish catalyst, one macro warning is flashing. CoinDesk flagged that yen short positions are at a nine-year high ahead of Tuesday’s Bank of Japan rate decision.
That identical setup sent Bitcoin from $65,000 to $50,000 when it last played out in July 2024.
The Fed also meets this week under new Chair Kevin Warsh for the first time, with his press conference expected to set the tone for rate policy through year-end.
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