Bitcoin bounced back above $77,000 on May 23 after President Trump said a peace memorandum with Iran had been 'largely negotiated,' calming markets that had briefly sent the largest cryptocurrency below $75,000 for the first time in about a month. BTC traded at roughly $77,000 at press time, up 1.4% over 24 hours. The recovery hinges on turning public optimism into a signed framework, with unresolved sticking points including sanctions relief, Iran's nuclear program, and enforcement around the Strait of Hormuz.
The Trump call
Trump told reporters he had spoken with leaders from Saudi Arabia, UAE, Qatar, Pakistan, Türkiye, Egypt, Jordan, and Bahrain, and also held a separate call with Israeli Prime Minister Netanyahu. The talks focused on what he called a 'Memorandum of Understanding pertaining to Peace' and the reopening of the Strait of Hormuz, a chokepoint for global oil shipments. The market interpreted the progress as reducing geopolitical risk, which had weighed on risk assets in recent weeks.
Altcoins lead the rally
Smaller digital assets outpaced Bitcoin. NEAR Protocol jumped 14.8% in a day and is up more than 62% over the past week. Worldcoin rose 8.7% daily and climbed over 26% weekly. Zcash gained 8.8% daily and nearly 28% over the same period. Other notable movers: Ondo added 8.5%, Morpho rose 7.8%, and Hyperliquid increased 6.3% in the past 24 hours.
What's still unresolved
The market's next move depends on whether the preliminary agreement can be turned into a finalized framework. Public statements alone don't move sanctions or reopen shipping lanes. Key hurdles include guarantees against renewed attacks, the scope of sanctions relief, and a workable enforcement mechanism for the Hormuz corridor. Until those details are nailed down, the rally looks more like a relief bounce than a full trend shift.
