Bitcoin climbed above $66,600 Monday morning at 9 a.m. Eastern, riding a wave of positive sentiment from a U.S.-Iran peace framework and a record-setting SpaceX IPO. The move pushed the largest cryptocurrency to its highest level in weeks, tracking a broader risk-on rally that lifted equity futures to session highs ahead of the Federal Reserve's Wednesday meeting.
Risk-on mood lifts crypto
The rally wasn't just crypto. Equities also jumped as traders bet that easing geopolitical tensions and lower oil prices would give the Fed room to hold steady — or even signal cuts. Bitcoin's gain came as part of that same trade: higher risk appetite across the board. The timing matters — the FOMC's rate decision Wednesday is the week's biggest event, and a dovish outcome could keep the bid under digital assets.
Iran framework shifts sentiment
A breakthrough in U.S.-Iran talks helped calm fears of a broader Middle East conflict. That framework — details still sparse — was enough to push oil prices lower Monday morning. Cheaper crude is a tailwind for consumer spending and corporate margins, and the market took it as a green light to buy risk. Crypto traders were no exception.
SpaceX IPO adds to the tailwind
The record-setting SpaceX IPO — the largest in history — added another layer of optimism. Even for investors who don't touch space stocks, the sheer scale of the offering signals that capital markets are wide open. That kind of animal spirits tends to spill over into crypto, especially when Bitcoin is already holding above key levels. The IPO's success this month has been a frequent talking point on crypto Twitter.
All eyes now turn to Wednesday's rate decision. The CME FedWatch tool showed markets pricing a high probability of no change, but the language in Chair Powell's press conference will matter more. A surprise hawkish tilt could reverse Monday's gains quickly. For now, traders are leaning into the rally — but no one's forgetting that the Fed has the final word this week.
