Bitcoin dropped to a multiweek low of $72,395 before rebounding past $74,000 and stabilizing slightly under $74,000. The move followed reports that the U.S. and Iran reached a tentative agreement to reopen the Strait of Hormuz, a shipping lane carrying about 20% of global crude oil supply. Bitcoin traded in a narrow range early, then fell sharply after 5 a.m. EST, before reversing as Washington-Tehran agreement details circulated. After Donald Trump confirmed the deal on Truth Social, buying pushed bitcoin to $74,223. The price later dipped below $74,000 but held a small daily gain, narrowing 30-day losses and lifting market capitalization above $1.48 trillion.
"The marginal increase narrowed bitcoin's 30-day losses to 2.7% and pushed its market capitalization past $1.48 trillion. Although the reported memorandum of understanding remains subject to formal ratification by Trump and Iranian leadership, the president's social media confirmation was enough to spark a market reversaligniting a rally in U.S. equities while triggering a sell-off in energy markets."
Read at news.bitcoin.com
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