Bitcoin Rebounds on US-Iran Peace Deal Hopes

On May 23, Bitcoin made a sharp recovery after US President Donald Trump's announcement of a potential peace deal with Iran. This news led to a reduction in market fears and volatility, causing the cryptocurrency to rebound from its one-month low.

The agreement, which has not been finalized, includes the reopening of the Strait of Hormuz under the terms of the proposed memorandum of understanding. This development is significant as it could lead to reduced pressure on oil markets and a decrease in broader risk sentiment.

Altcoins experienced more substantial gains than Bitcoin, with many assets showing significant price increases. The rally was led by AI-linked tokens such as NEAR Protocol and Worldcoin, which rose 14.8% and 8.7%, respectively, over the past 24 hours.