Bitcoin Holds Near $64K as Renewed Strait of Hormuz Tensions Cloud US–Iran Ceasefire Talks

Crypto markets edged higher over the weekend after Friday’s sharp sell-off, with bitcoin recovering back toward the $64,000 level. While U.S.–Iran ceasefire talks are scheduled to begin in Switzerland, renewed threats from Iran to close the Strait of Hormuz have reintroduced the same geopolitical uncertainty the agreement was meant to reduce.

Bitcoin traded near $64,200 on Sunday, up 0.9% over 24 hours but broadly flat on the week, according to CoinDesk data, after briefly falling below $63,000 on Friday. Most major cryptocurrencies also stabilized alongside the recovery.

Ether gained 0.5% on the day and 3.3% over the week to $1,734, while solana rose 1.5% to $73 and tron added 1.2%. Hyperliquid’s HYPE slipped 2% on the day but remained the week’s standout performer with a 14.8% gain. Dogecoin underperformed, falling 4.9% across the week.

Overall, bitcoin finished the week little changed, initially rallying on optimism surrounding the Iran agreement before reversing during Friday’s risk-off move and then consolidating over the weekend.

Attention now turns 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, which set a 60-day negotiating window that can be extended if needed.

However, uncertainty persists. Iran has again signaled the possibility of closing the Strait of Hormuz, a vital global shipping route. Its reopening under the agreement had previously driven oil prices down roughly 9% and supported risk assets.

Even as negotiations proceed, the renewed threat has brought back the same risk the deal was intended to eliminate.

As a result, crypto markets remain range-bound, reacting primarily to geopolitical headlines rather than internal market drivers.

A full closure of the Strait of Hormuz would likely lift oil prices and weigh on risk assets including bitcoin, while a durable ceasefire could help reduce market volatility.