US-Iran Deal Sends Bitcoin Soaring to $65,844 as Oil Prices Plummet

Bitcoin climbed to nearly $66,000 on Monday after the US and Iran reached a deal to reopen the Strait of Hormuz, sending oil prices plummeting over 4%.

The agreement brought an end to hostilities in the region and removed a key factor driving up energy costs for months. Brent crude slumped towards $83 a barrel as traders unwound their premium on oil since late February.

Asian stocks jumped more than 3%, with Japan's Nikkei 225 heading for a record close, while S&P 500 futures rose 1.2% and the dollar weakened.

The deal also had a direct impact on cryptocurrency markets, as the removal of energy-supply fears lifted risk assets like Bitcoin. The token traded around $65,844, up 2.1% over 24 hours, after touching a low near $63,722 in early Asian trading before the deal news broke.

However, ETF outflows and Strategy's selling still weigh on the recovery, with bitcoin's rally being attributed to institutional demand turning positive on June 13 with $85.8 million in net inflows.