Bitcoin Holds Near $64K as Renewed Hormuz Threat Overshadows US-Iran Ceasefire Talks
Bitcoin steadied near $64,000 over the weekend, recovering part of Friday's drop, as traders weighed the start of US-Iran ceasefire talks against a renewed threat to close the Strait of Hormuz. The token traded around $64,200 on Sunday, up 0.9% over 24 hours but roughly flat on the week, after dropping below $63,000 on Friday. Most major cryptocurrencies firmed, with Ether rising 0.5% to $1,734, Solana gaining 1.5% to $73, and Tron adding 1.2%. Hyperliquid's HYPE slipped 2% but remained the week's standout, up 14.8%, while Dogecoin was the weakest major, down 4.9% over seven days. The weekend's focus is on Switzerland, where US and Iranian officials are due to open talks on a permanent ceasefire, following the memorandum of understanding signed last week. However, Iran has issued a renewed order to close the Strait of Hormuz, the shipping chokepoint whose reopening under the deal pulled oil prices down about 9% last week. This leaves the market with the same uncertainty the signed deal was supposed to remove. As such, a genuine closure of Hormuz would push oil back up and likely drag risk assets including bitcoin with it, while a durable ceasefire would clear the overhang.
Key facts
- Bitcoin stabilized near $64,200 on Sunday after dropping below $63,000 on Friday.
- Ether, Solana, and Tron posted weekly gains; Dogecoin lagged with a 4.9% loss.
- Hyperliquid's HYPE was the standout performer, up 14.8% over the week.
- US-Iran permanent ceasefire talks began in Switzerland; Iran renewed threat to close Strait of Hormuz.
- A genuine Hormuz closure could push oil up and drag risk assets including bitcoin.