Bitcoin returned to around $64,000 over the weekend, recovering some of Friday’s losses, but remained nearly flat for the week overall. The market is currently trading primarily around two themes: the initiation of ceasefire negotiations between the United States and Iran in Switzerland, and Iran’s renewed threat to close the Strait of Hormuz.
Most major cryptocurrencies have largely stabilized.
According to CoinDesk data, Bitcoin was trading at approximately $64,200 on Sunday, up 0.9% over 24 hours, after briefly falling below $63,000 on Friday. Ethereum rose 0.5% to $1,734, with a weekly gain of 3.3%; Solana increased 1.5% to $73, and Tron rose 1.2%.
Over the past week, Hyperliquid’s HYPE remained one of the strongest performing major tokens, rising 14.8% for the week, though it dipped 2% on a single day. Dogecoin, by contrast, underperformed, declining 4.9% over the seven-day period.
- BTC: Approximately $64,200, up 0.9% in 24 hours
- ETH: Approximately $1,734, up 3.3% for the week
- SOL: Approximately $73, up 1.5% today
U.S.-Iran negotiations are taking place in Switzerland.
Reports indicate that U.S. and Iranian officials will begin negotiations for a permanent ceasefire in Switzerland, with U.S. Vice President JD Vance also participating. These talks follow President Trump’s signing of a related memorandum of understanding last week, which establishes a 60-day window that may be extended.
However, the market has not entirely eased its concerns. Iran has once again ordered the closure of the Strait of Hormuz, reintroducing uncertainty into a situation that had been expected to improve. Previously, as relevant agreements facilitated the reopening of the strait, international oil prices fell by approximately 9% last week, and risk assets strengthened accordingly.
The Hormuz risk continues to weigh on sentiment.
The Strait of Hormuz is a vital global energy transportation route. If the threat of closure materializes, oil prices could rise again, thereby pressuring risk assets including Bitcoin. Conversely, if ceasefire arrangements continue to progress, the recent geopolitical risk premium weighing on markets could ease.
This week, Bitcoin remains in a range-bound consolidation. The price initially rose on news related to Iran agreements, then declined on Friday amid broader risk-off sentiment, and stabilized again over the weekend. The market is still awaiting clearer direction from external events in the short term.