The price of Bitcoin has risen significantly: the main reasons
15 June 13:11
Bitcoin rose to a two-week high following reports of a temporary agreement between the U.S. and Iran to reopen the Strait of Hormuz. During Asian trading on Monday, the cryptocurrency rose by more than 3% and was trading near $65,600 around 6:00 a.m. London time. This was reported by "Komersant Ukrainian" citing Bloomberg.
Ethereum, the second-largest cryptocurrency by market capitalization, rose 3.7% to $1,731. Smaller cryptocurrencies, including Solana and XRP, showed stronger gains.
The rally followed a recent crypto market slump, during which Bitcoin fell below $60,000—its lowest level since October 2024. The sell-off intensified after Strategy, led by Michael Saylor, the largest corporate holder of Bitcoin, announced the sale of a small portion of its assets.
A significant outflow of funds from exchange-traded funds added to the pressure.
“The key level to watch for Bitcoin is $67,000, which depends on a combination of factors such as trading volumes and moving averages,” said Pratik Kala, portfolio manager at Apollo Crypto.
According to him, the risks associated with Strategy have not yet disappeared, but the market is currently ignoring them.
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Demand for risky assets returned after U.S. President Donald Trump announced that the peace deal with Iran was “finalized” and that the U.S. would lift the blockade of the Strait of Hormuz—a vital route for global energy trade.
Against this backdrop, Asian stocks rose, S&P 500 futures gained about 1%, and Brent crude oil prices fell by more than 4%.
At the same time, the key risk for the crypto market this week remains the policy of the U.S. Federal Reserve. According to Sean McNulty, head of derivatives trading at FalconX in the Asia-Pacific region, markets are awaiting signals from the Fed on Wednesday.
“Markets are expecting a shift from easing to a neutral or ‘hawkish’ policy, and a ‘hawkish’ surprise is the main downside risk for cryptocurrencies,” he said.
For the crypto market, news about the Strait of Hormuz has eased some of the geopolitical pressure and supported demand for risk assets. But Bitcoin’s next move will depend on whether it can hold near $67,000 and what signals the Fed sends regarding interest rates.
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