Bitcoin steadied near $64,000 over the weekend, recovering some of Friday’s decline, as traders assessed the initiation of US-Iran ceasefire discussions in light of a renewed threat to close the Strait of Hormuz. The token was valued at approximately $64,200 on Sunday, reflecting a 0.9% increase over the past 24 hours, yet remaining relatively unchanged for the week, following a decline below $63,000 on Friday. Most major indices strengthened in tandem. Ether increased by 0.5% for the day and 3.3% for the week, reaching $1,734. Solana experienced a gain of 1.5%, bringing its value to $73, while Tron saw an increase of 1.2%.
Hyperliquid’s HYPE experienced a decline of 2% today; however, it continues to be the week’s top performer, with an increase of 14.8%. Dogecoin exhibited the most significant decline among the major cryptocurrencies, decreasing by 4.9% over the course of seven days. Bitcoin has remained stagnant this week, initially rallying following the announcement of the signed Iran deal, experiencing a sell-off on Friday amid a general risk-off sentiment, and then stabilising over the weekend. The weekend’s focus is Switzerland, where US and Iranian officials, including Vice President JD Vance, are set to commence discussions on a permanent ceasefire, according to source.
The negotiations are a continuation of the memorandum of understanding signed by President Donald Trump last week, establishing a 60-day period that may be subject to extension. The backdrop is, however, less settled than that suggests. Iran has issued a renewed order to close the Strait of Hormuz, the shipping chokepoint whose reopening under the deal led to a decline in oil prices of approximately 9% last week and provided a boost to risk assets.
Tehran is dispatching negotiators to Switzerland while simultaneously threatening to close the strait once more, thereby perpetuating the market’s uncertainty that the signed agreement was intended to alleviate. That positions crypto in a state of inertia, having remained largely within a defined range throughout the month, anticipating developments beyond its influence. Consequently, a true closure of Hormuz would elevate oil prices and likely pull risk assets, including bitcoin, along with it, whereas a lasting ceasefire would alleviate the existing overhang.