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Bitcoin pushed above $67,000 on Monday, reaching $67,196 as much as 5% higher, its strongest level in over two weeks. The move came after Trump and Iran agreed on steps to stop the fighting and reopen the Strait of Hormuz, helping pull investors back into risk assets.
Ether rose as much as 11% to $1,845, while Solana and XRP posted larger percentage gains. Despite the rebound, Bitcoin remains down nearly 24% year-to-date after a rough stretch that saw it fall under $60,000 earlier this month, its weakest level since October 2024.
Trading pressure had intensified after Michael Saylor’s Strategy, the largest corporate Bitcoin holder, disclosed that it trimmed a very small part of its position. Additional selling pressure followed heavy withdrawals from Bitcoin exchange-traded funds.
Strategy has since resumed purchases. The company acquired $100 million in Bitcoin last week using proceeds from common stock sales, after spending more than $100 million on another purchase the week before.
US equities rallied sharply, with the Dow gaining 630 points, or 1.2%, to a fresh intraday record. The S&P 500 rose 1.6%, while the Nasdaq Composite climbed 2.4%.
SpaceX shares added more than 7% after its 19% debut surge on Friday’s public market debut.
According to CNBC, a senior US administration official said a memorandum of understanding was electronically signed between the two countries on Sunday, with an actual signing ceremony scheduled for Friday.
The framework for further talks includes conditions under which Iran will not receive economic relief until it takes steps concerning its nuclear program. It also provides for the immediate reopening of the Strait of Hormuz and the removal of the US naval blockade, though shipping is not expected to return to normal right away.
Officials expect vessel traffic to increase significantly within two weeks.
Overall, markets surged as investors returned to risk assets following progress toward a US-Iran peace agreement, lifting both cryptocurrencies and major US stock indexes.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
