Crypto markets strengthened over the weekend following Friday’s sell-off, with bitcoin recovering toward the $64,000 level. While U.S.–Iran ceasefire talks are set to begin in Switzerland, renewed threats from Iran to shut the Strait of Hormuz have revived the geopolitical risk the agreement was meant to ease.
Bitcoin traded around $64,200 on Sunday, up 0.9% in 24 hours but roughly unchanged on the week, according to CoinDesk data, after briefly dipping below $63,000 on Friday. Most major tokens stabilized alongside the rebound.
Ether rose 0.5% on the day and 3.3% over the week to $1,734, solana gained 1.5% to $73, and tron added 1.2%. Hyperliquid’s HYPE slipped 2% but still led weekly gains at 14.8%, while dogecoin lagged with a 4.9% weekly decline.
Bitcoin ultimately ended the week flat, rallying earlier on optimism around the Iran deal before reversing in Friday’s risk-off move and then stabilizing over the weekend.
Market focus has shifted to Switzerland, where U.S. and Iranian officials, including Vice President JD Vance, are expected to begin negotiations on a permanent ceasefire, according to Bloomberg.
The discussions follow a memorandum of understanding signed by President Donald Trump last week, which established a 60-day negotiating window that may be extended.
Still, uncertainty remains elevated. Iran has again floated the possibility of closing the Strait of Hormuz, a critical global shipping corridor. Its reopening under the agreement had previously driven oil prices down about 9% and supported broader risk sentiment.
Despite diplomatic engagement, the renewed threat has reintroduced the same instability the deal aimed to resolve.
As a result, crypto markets continue to trade in a narrow range, driven more by geopolitical developments than by internal catalysts.
A full closure of the Strait of Hormuz would likely push oil prices higher and pressure risk assets like bitcoin, while a durable ceasefire could ease macro uncertainty.
