Crypto market cautiously awaits U.S.-Iran Hormuz agreement impact
Reports of a potential interim deal to reopen the Strait of Hormuz have lifted equities and oil prices, but cryptocurrency traders are holding back pending confirmation.
Washington, Tehran, and Oman are reportedly close to a temporary arrangement to restore shipping through the Strait of Hormuz, according to Axios. The proposed deal would route inbound traffic through Iranian waters and outbound vessels through Omani waters, with no transit fees during an initial 60-day period. Both countries would also begin clearing naval mines before negotiating a permanent solution.
Bitcoin traded above $64,000, up less than 1% in the previous 24 hours, while Ethereum posted modest gains. XRP, Dogecoin, and Chainlink moved slightly lower, though BNB and Hyperliquid outperformed, indicating selective money movement despite the absence of a broader market breakout.
Crypto has historically responded positively to similar geopolitical developments. After a temporary ceasefire in April 2026, Bitcoin climbed about 4% and Ethereum gained roughly 6.5% as oil prices eased and traders rotated toward risk assets. A comparable reaction followed in May when peace framework reports briefly lifted Bitcoin above $82,000.
On-chain analyst Ali Charts noted that Bitcoin network activity is strengthening, with weekly active addresses rising 20% to over 720,000. The analyst identified $64,300 as a key technical level, suggesting a four-hour close above that point could open the path toward $65,500 and $66,500.
Spot Bitcoin ETFs attracted $170.09 million in net inflows at the start of the week, with seven funds recording gains and none posting outflows. Ethereum ETFs, by contrast, experienced $11.42 million in net outflows. The piece notes that a similar Hormuz proposal failed weeks ago after attacks on commercial ships resumed, creating caution around the current negotiations.
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