Bitcoin's price recovered from a dip to $62,200 and now sits above $64,000, as reports emerged that the US, Iran, and Oman are closing in on an interim agreement to reopen the Strait of Hormuz. President Trump wants the confirmation of the deal announced today, according to Axios. The development marks a potential de-escalation of a conflict that had rattled global markets — including crypto.
The Strait of Hormuz deal
Under the proposed interim arrangement, all inbound traffic through the strait would use the Iran-controlled northern lane, while outbound ships would take the southern lane in Omani waters. Neither side will charge fees or tolls for a period of 60 days. That's a sharp reversal from earlier this year, when Iran demanded up to $2 million per vessel — and reportedly floated the idea of accepting payment in Bitcoin.
The parties will also work on clearing naval mines from the median lane, setting the stage for a future permanent arrangement. But for now, the 60-day window buys time for broader negotiations.
Bitcoin's reaction
Bitcoin gained over $2,000 since hitting its local low at $62,200. The move was driven by developments on the war front — specifically, the prospect of reopening the strait, which had been a major source of uncertainty for energy markets and, by extension, risk assets like crypto.
The timing isn't great for a full breakout, though. The price jump is tied to an interim deal, not a permanent one. Traders are likely waiting to see if the agreement holds and whether a lasting solution emerges before betting on a sustained rally.
The interim deal still needs to be formally announced — Trump wants that to happen today. If it goes through, the immediate risk of a shipping blockade in the strait recedes. But the 60-day clock starts ticking, and the underlying tensions between the US and Iran remain unresolved.
For Bitcoin, the breakout attempt probably won't be validated until a permanent deal is reached. Until then, the market is watching the Strait of Hormuz as closely as any chart pattern.
