Bitcoin Stabilizes at $64K While Hormuz Escalation Risks Weigh on US–Iran Ceasefire Hopes

Crypto markets strengthened over the weekend after Friday’s sell-off, with bitcoin recovering toward the $64,000 level. While U.S.–Iran ceasefire talks are set to begin in Switzerland, Iran’s renewed threat to close the Strait of Hormuz has revived the geopolitical risk the agreement was meant to resolve.

Bitcoin traded around $64,200 on Sunday, up 0.9% in 24 hours but largely flat for the week, according to CoinDesk data, after briefly dipping below $63,000 on Friday. Most major cryptocurrencies stabilized in tandem.

Ether rose 0.5% on the day and 3.3% on the week to $1,734, solana gained 1.5% to $73, and tron added 1.2%. Hyperliquid’s HYPE fell 2% on the day but remained the strongest weekly performer with a 14.8% gain. Dogecoin lagged, down 4.9% over seven days.

Bitcoin ultimately ended the week little changed, rallying earlier on optimism over the Iran deal before reversing during Friday’s broader risk-off move and then stabilizing over the weekend.

Focus has now shifted to Switzerland, where U.S. and Iranian officials, including Vice President JD Vance, are expected to begin discussions on a permanent ceasefire, according to Bloomberg.

The talks follow a memorandum of understanding signed by President Donald Trump last week, establishing a 60-day negotiating window that can be extended.

Still, uncertainty remains elevated. Iran has once again raised the prospect of closing the Strait of Hormuz, a critical global shipping chokepoint. Its reopening under the initial deal had helped push oil prices down roughly 9% and supported risk assets.

Although Iranian representatives are headed to Switzerland, the renewed threat has reintroduced the same instability the agreement was intended to remove.

As a result, crypto markets remain stuck in a range, driven more by geopolitical developments than by internal catalysts.

A full closure of the Strait of Hormuz would likely send oil prices higher and weigh on risk assets such as bitcoin, while a lasting ceasefire could help ease market pressure.