Bitcoin (CRYPTO: BTC) climbed above $65,000 on Monday after reports of a U.S.-Iran peace deal triggered a broad risk-on move, with Coinbase (NASDAQ:COIN) CEO Brian Armstrong saying he believes BTC has probably bottomed at $60,000.
US-Iran Peace Deal Reopens Strait of Hormuz and Pulls Risk Premium Out of Markets President Trump announced Sunday that the US and Iran reached a framework agreement, with the naval blockade set to lift and the Strait of Hormuz reopening once both sides sign.
The deal, reported by CNN, closes the chapter on the single biggest inflationary pressure weighing on global markets since the conflict began, with oil supply restrictions through the strait driving energy costs higher for months.
Moreover, Ethereum (CRYPTO: ETH) gained 5%, XRP (CRYPTO: XRP) added 7%, and Solana (CRYPTO: SOL) rose 4%.
"Markets are repricing risk after reports of a US-Iran peace deal and the reopening of the Strait of Hormuz, triggering a broad risk-on move across assets," said Zeus Research analyst Dominick John.
