Bitcoin surged to nearly $66,000 on Monday, hitting a two-week high. The move came as President Donald Trump announced that the US has a deal with Iran for a 'toll-free opening of the Strait of Straits'. The price jump marks a notable recovery for the largest cryptocurrency, which had been trading lower in recent sessions.
Bitcoin's Two-Week High
Bitcoin touched $66,000 during Monday trading, its highest level since early June. The gain pushed the cryptocurrency back above a key psychological level, though trading volumes appeared moderate. The move broke a stretch of sideways action that had kept Bitcoin below $64,000 for most of the past week.
Trump's Iran Deal Statement
President Trump said the US reached an agreement with Iran to keep the Strait of Straits open without tolls. The Strait of Straits is a critical chokepoint for global oil shipments, and any disruption there typically rattles energy markets. Trump did not provide details on the terms or timeline of the deal, but described it as a breakthrough in ongoing negotiations.
Market Reaction
The timing of Bitcoin's price jump and the announcement suggests traders are watching the geopolitical news. Historically, oil price shocks and Middle East tensions have sent mixed signals to crypto markets — sometimes driving demand for Bitcoin as a hedge, other times triggering a broad risk-off move. Monday's action leaned bullish, at least for now.
No further details on the Iran deal have been released. The White House has not said when the toll-free arrangement would take effect or how long it would last. Traders will be watching for any follow-up statements that could move oil prices — and by extension, crypto.
