Bitcoin's price drop to a five-week low was short-lived as it bounced back following the announcement of a peace deal between the US and Iran. The deal, which includes reopening the Strait of Hormuz, had been widely anticipated by investors and markets.
The news sparked a rapid recovery in crypto markets, with total market capitalization increasing by around $75 billion. Bitcoin's price climbed from its low of $74,250 to tap the 50-day exponential moving average at $77,000 in early Sunday trading.