Bitcoin Climbs Back Above $64K as Markets Bet on Possible Hormuz Breakthrough Between US and Iran

Bitcoin continued rising after an initial recovery from a local minimum of $62,200, subsequently crossing above $64,000 after reports emerged that the US, Iran, and Oman were making real progress in finding a solution regarding the future of the Strait of Hormuz.

This increased speculation that a thaw in geopolitical tensions could be a short-term benefit for risk assets, including cryptocurrencies.

According to a follow-up report by Axios, officials said the three delegations were close to signing an interim agreement to resume normal traffic on the waterway, and that US President Donald Trump wanted that announcement to be made later today.

There has been no announcement as of yet. The reported gains came after weekend comments by Trump where he said that the military action against Iran had been called off and negotiations were under way.