- Crypto markets added roughly US$75 billion after Trump said an Iran deal and Strait of Hormuz reopening were close.
- AP and Axios reported the agreement was not finalised, with U.S. officials saying details still needed work.
- Bitcoin traded near US$77,000 but remained below key resistance around US$78,000 to US$82,400.
The price of Bitcoin (BTC) traded near US$77,000 (AU$107K) this Monday after Donald Trump said a deal involving Iran and the reopening of the Strait of Hormuz was “close”.
This helped crypto markets add roughly US$75 billion (AU$104.25 billion) in value. Keep in mind traders recently reduced their positions due to geopolitical risk tied to energy disruption and oil flows.
Data from CoinGecko showed Bitcoin around US$77,072 (AU$107,230), with an intraday high of US$77,236 (AU$107,360) and low of US$76,053 (AU$105,714).
On Truth Social, Trump said the agreement and the opening of the Strait of Hormuz were “largely negotiated,” but that the US, Iran and other countries still needed to finalise a memorandum of understanding.
Read more: Bitcoin Falls Near $76,700 as ETF Outflows Hit $649M
Hormuz Risk Eases
The Strait of Hormuz is central to the market reaction because it is a major route for oil and liquefied natural gas shipments. A credible reopening plan reduces the risk of an energy shock, which can support risk assets by easing inflation and growth fears.
Axios reported the draft agreement includes a 60-day ceasefire extension, reopening the Strait of Hormuz, freer Iranian oil sales and negotiations on curbing Iran’s nuclear program, citing a US official. AP separately reported the emerging deal could end the war and reopen the strait while requiring Iran to give up highly enriched uranium stockpiles.
US officials still cautioned that the process could take longer. Axios reported a senior Trump administration official said there were details “to work out” and that Iran’s decision-making process could delay the agreement by days.
Related: European Banks Unite Behind Euro Stablecoin Push to Challenge Dollar Dominance
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