Bitcoin (BTC) climbed above $65,000 late Sunday, with other major cryptocurrencies also rising, following reports that the U.S. and Iran have reached a peace agreement, easing concerns over further geopolitical escalation, analysts said.
The world's largest cryptocurrency rose 2.4% over the past 24 hours to trade at $65,793 as of time of writing, up from a weekend low of around $63,600, according to The Block's BTC price page.
Ethereum (ETH) gained 2.8% to $1,720, XRP added 3.5% to $1.19, and Solana rose 4.2% to $71.11.
Asian equities also opened higher on Monday. Japan's Nikkei 225 jumped roughly 4.89% by midday, while South Korea's Kospi surged 5.63%. Hong Kong's Hang Seng Index added 0.45%, and China's Shenzhen Component Index gained 2.53%.
Analysts said the rally reflected improving risk sentiment following reports that the U.S. and Iran have reached a peace agreement.
CNN reported Sunday that the two countries have agreed to a peace deal that will take effect on Friday. According to President Donald Trump, the U.S. will lift its naval blockade and the Strait of Hormuz will reopen after the agreement is signed.
"Markets are repricing risk after reports of a U.S.-Iran peace deal and the reopening of the Strait of Hormuz, triggering a broad risk-on move across assets," said Dominick John, an analyst of Zeus Research. "This move is driven by positioning and risk rotation rather than a shift in underlying fundamentals."
Min Jung, research associate of Presto Research shared similar views, saying bitcoin and ether likely moved higher on improving risk sentiment after reports of the peace agreement eased concerns around further geopolitical escalation.
"The recent price action in crypto markets was macro relief beta, amplified by thin weekend liquidity, rather than a crypto-native story," said Rick Maeda, head of markets at crypto derivatives analytics platform Laevitas.
According to Maeda, the price movement began after Trump's comment on a U.S.-Iran framework, which pulled the risk premium out of crude and the fear that was weighing on risk.
Meanwhile, crude oil prices fell over 4% to their lowest levels in more than three months. WTI crude futures slid 4.84% to $80.77 per barrel, while Brent crude dropped 4.33% to $83.53 per barrel.
"The crypto bounce was largely driven by macro risk-premium compression after Trump's latest signal that a US-Iran deal is very near, pushing oil lower and lifting Asian markets in tandem," said Jeff Ko, chief analyst at CoinEx.
Traders are monitoring further deal confirmation and concrete Hormuz terms, any re-escalation, and crude's follow-through, layered onto a heavy central-bank week, said Maeda.
Additionally, the Federal Reserve is set to meet this week under new Chair Kevin Warsh for the first time. The subsequent press conference and his remarks are expected to "give us a sense of how he'll approach rate policy for the rest of the year," said Jeff Mei, COO of BTSE.
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