Bitcoin Surges Above $65K on Iran Deal Completion

Bitcoin surged above $65,000 after US President Donald Trump announced on Truth Social that the Iran deal had been completed. The deal includes the reopening of the Strait of Hormuz without tolls and the removal of the US naval blockade. This news has significant implications for global markets, with oil prices dropping sharply as traders cut part of the war premium.

The Strait of Hormuz handles around 20-25% of global seaborne oil trade, so any reopening can affect oil, inflation expectations, and risk assets. Bitcoin often reacts quickly to macroeconomic setups, especially when they start in energy markets rather than crypto.

A hold above $65,000 would keep momentum in play for Bitcoin, but a setback around the June 19 signing or compliance steps could flip sentiment fast. West Texas Intermediate crude settled near $84.88 per barrel, down about 3.2% on the day, while Brent crude fell around 3.4% to roughly $87.33 per barrel.