Bitcoin Surges Above $64,000 on Iran Optimism

Bitcoin Surges Above $64,000 on Iran Optimism

Bitcoin rebounded to $64,152, up roughly 1% as of 11:20 ET (03:20 GMT) on Saturday, recovering from a sharp sell‑off that had briefly pushed the world’s largest cryptocurrency below $60,000 – a level not seen since November 2024. The week had begun with Bitcoin trading around $60,804 after a previous decline driven by broader risk aversion linked to Middle‑East tensions, rising oil prices and concerns that elevated inflation could keep interest rates higher for longer.

Risk appetite improved later in the week when U.S. officials signaled progress toward a potential U.S.–Iran peace agreement. Market participants expect that a deal could reopen the Strait of Hormuz, ease pressure on global energy markets and lift stocks and other risk‑sensitive assets.

The rally was further supported by the strong Nasdaq debut of SpaceX, the Elon Musk‑led company, whose shares surged about 19% in their first trading session, adding momentum to growth‑oriented assets.

MicroStrategy, the largest corporate holder of Bitcoin, disclosed that it sold 32 bitcoins for approximately $2.5 million between May 26 and May 31 to fund dividends on its STRC preferred shares. While the transaction was viewed by some as symbolic, the amount sold is small relative to the company’s overall holdings.

Spot Bitcoin exchange‑traded funds have recently experienced sustained outflows, prompting questions about whether large institutional buyers will return to support prices after the correction.

Separately, the U.S. Securities and Exchange Commission approved NYSE Arca’s proposal to list and trade shares of the T. Rowe Price Active Crypto ETF. The actively managed fund will be permitted to invest in a range of digital assets, including bitcoin, ether, XRP, Solana and dogecoin, marking another step in the expansion of regulated crypto investment products in the United States.

Despite the week’s recovery, Bitcoin remains roughly 50% below its October 2025 record high of about $126,000.

Altcoin performance on the same day was mixed but generally positive. Ether rose 0.87% to $1,676.53, up 5.70% for the week. XRP gained 0.70% to $1.1413, up 3.89% weekly. Solana and Cardano added 1.56% and 2.42% respectively. Among meme‑coins, Dogecoin climbed 1.32% for the day, while $TRUMP surged over 21.56%.