Bitcoin and the broader cryptocurrency market staged a sharp recovery over the weekend, adding roughly $75 billion in total market capitalization after President Donald Trump announced significant progress toward a negotiated peace deal with Iran.
In a post on Truth Social Saturday, Trump said an agreement has been "largely negotiated" between the United States, Iran, and eight other nations, including Saudi Arabia, the UAE, Qatar, and Pakistan. He said final details are still being discussed, but a key provision includes reopening the Strait of Hormuz.
That waterway's closure had driven up global energy prices and weighed on risk assets like crypto. Bitcoin had fallen to a five-week low of $74,250 on Saturday, but recovered to test the 50-day moving average near $77,000 in early trading Sunday.
Despite the bounce, BTC remains 39% below its October peak, struggling to break resistance at $82,000.
Secretary of State Marco Rubio, visiting India, reiterated U.S. demands: Iran must never acquire a nuclear weapon, the straits must remain open without tolls, and enriched uranium must be turned over.