Crypto markets steadied over the weekend after Friday’s sharp sell-off, with Bitcoin recovering back toward $64,000.
Bitcoin traded around $64,200 on Sunday, rebounding slightly but still roughly flat for the week. The move followed a drop below $63,000 on Friday as traders balanced early optimism around US–Iran ceasefire talks with fresh geopolitical tension.
Most major cryptocurrencies moved in the same direction. Ether rose modestly, while Solana and Tron also posted small gains. Hyperliquid’s HYPE was a rare standout for the week, though Dogecoin lagged behind the broader market.
The market’s focus has shifted to Switzerland, where US and Iranian officials are expected to begin talks on a permanent ceasefire, including US Vice President JD Vance. The discussions follow a recent agreement tied to a 60-day negotiation window that could be extended.
But tensions remain unresolved. Iran’s renewed order to potentially close the Strait of Hormuz has reintroduced uncertainty, threatening the same oil and risk-asset stability that earlier eased after signs of de-escalation.
The Strait is a key global shipping route, and its status has become a major driver of market sentiment—especially after last week’s partial reopening helped push oil lower and supported risk assets.
Now, with diplomacy and escalation happening at the same time, markets are stuck in a holding pattern. A full closure would likely push oil higher and weigh on Bitcoin and broader risk assets, while a lasting ceasefire could provide relief and stability.
Featured image from: reddit.com