Bitcoin Near $64k Amid Iran Uncertainty
Bitcoin rose 1.2% to $63,851 by 14:29 ET (19:29 GMT) on Saturday, bringing the world’s largest cryptocurrency close to the $64,000 level after having slipped below $63,000 earlier in the week. The modest gain occurred despite broader cryptocurrency markets being constrained by mixed signals surrounding the U.S.–Iran peace process. Iran announced it had closed the Strait of Hormuz in response to Israeli hostilities in Lebanon and accused the United States and Israel of breaching a cease‑fire, while U.S. Central Command refuted the closure and confirmed that commercial traffic continued. The divergent statements, together with the recent cancellation of U.S.–Iran talks in Switzerland, left investors uncertain about a comprehensive Middle‑East peace agreement, even as the two sides agreed to a 60‑day dialogue on Iran’s nuclear programme.
Federal Reserve hawkish commentary added pressure earlier in the week, contributing to a sharp decline in crypto assets before the brief rebound. Investor rotation into artificial‑intelligence equities also weighed on the sector.
Strategy’s preferred‑stock offering, ticker STRC, experienced an 8.3% decline this week, briefly touching record lows around $83 and trading approximately 17% below the company’s $100 target price. The preferred stock, which pays dividends and is heavily exposed to Bitcoin, faced heightened scrutiny over the sustainability of Strategy’s leveraged Bitcoin‑buying strategy, especially after Bitcoin fell to annual lows in early June and was trading more than 50% below its October peak.
Regulatory developments were highlighted across several jurisdictions. Ireland unveiled a national strategy aimed at combating money‑laundering and financial crime, designating crypto‑assets as a priority area and proposing tighter oversight of digital‑asset platforms along with stronger AML controls. In the United States, lawmakers are preparing a congressional roundtable on 25 June to examine how cryptocurrencies can enhance financial access in economies facing instability or restrictive financial systems, with discussions slated to cover national‑security implications, financial‑freedom considerations, and U.S. competitiveness. Argentina’s President Javier Milei signed an executive order exempting registered virtual‑asset service providers from the country’s 1.2% cheque tax, a measure expected to lower transaction costs and spur further development of crypto products in one of Latin America’s most active markets.
Altcoin prices tracked Bitcoin’s upward move. Ethereum rose 2.12% to $1,725.07, XRP gained 2.02%, Solana climbed 4.56%, Cardano increased 2.23%, BNB advanced 2.68%, and Dogecoin rose 2.22%, while the meme token $TRUMP slipped 0.66%.