A sudden shift in Middle East tensions sent shockwaves through global markets, pushing Bitcoin to its highest level in over two months as traders reacted to signs of a possible breakthrough between the United States and Iran.
Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)
Total crypto market capitalization rose to about 2.61 trillion dollars, up 3.16% over the past 24 hours, according to CoinMarketCap. Bitcoin gained roughly 3% on the day and 6% over the week, while Ethereum added about 4% daily and 8% weekly, reinforcing the risk‑on shift in majors.
- Bitcoin Joins Card Payments as Square Enables Auto-Converted Transactions
- Chinese Fraud Victims Contest UK Compensation Plan for £3.2B Seized Bitcoins: Report
- Bitcoin Miner With No Coins: Bitdeer Empties Treasury After $12M Sale to Finance AI
XRP advanced around 3% in 24 hours and 9% over seven days, and Solana posted a more moderate 0.86% daily rise and 5% weekly gain, showing the rally was broad but still led by the largest assets.
Geopolitical Shift Drives Market Reaction
US President Donald Trump said Iran had agreed to reopen the Strait of Hormuz, a key oil shipping route that had remained disrupted for weeks. Iranian officials later confirmed the move. Trump added that both sides would cooperate to remove naval mines from the area, signaling a step toward stabilizing regional trade flows.
He also outlined broader progress in negotiations. According to Trump, the US and Iran will work together to retrieve Iran’s enriched uranium, which will be transferred to the United States. He said a broader peace agreement involving Iran, the US, and Israel is “mostly complete,” with additional talks expected soon.
Trump further claimed that Iran had agreed to suspend its nuclear program indefinitely and would not regain access to frozen US-held funds.
Volatility Returns Across Assets
The geopolitical update did not only impact crypto. It introduced volatility across global financial markets, as traders recalibrated risk following weeks of uncertainty tied to the Middle East conflict.
Keep reading: How High Can Bitcoin Go? eToro CEO Yoni Assia Bitcoin Price Prediction Targets $250K
The reopening of the Strait of Hormuz carries implications beyond digital assets. It signals potential stability in energy supply routes, which often influences inflation expectations and broader risk appetite.
Oil prices have equally reacted to the new development. The current benchmarks show WTI crude trading at 83.23 dollars, down about 12.1% on the day, while Brent is at 90.89 dollars, lower by roughly 8.6% in the same period.
On OilPrice.com’s real‑time feed, front‑month WTI is quoted at 93.53 dollars, up 2.45% on the session, and Brent at 98.18 dollars, up 3.42%, highlighting intraday volatility around the Hormuz headlines depending on which tick you anchor to.
