Bitcoin climbed back above $65,000 on Monday as news of a US-Iran peace deal triggered a broad risk-on move across cryptocurrency markets, with Ethereum and XRP both posting gains of up to 7%.

Key Highlights

  • Bitcoin climbed back above $65,000 following confirmation of a US-Iran peace deal.
  • Ethereum and XRP each posted gains of up to 7% during the rally.
  • Coinbase's chief executive said Bitcoin has likely already found its bottom.
  • Some market commentary suggests the true long-term low may not arrive until the fourth quarter.

Bitcoin climbed back above $65,000 on Monday, leading a broad rally across cryptocurrency markets after the United States and Iran confirmed an agreement to end their war over the weekend. Ethereum and XRP each posted gains of up to 7% as part of the same risk-on move, which also extended into crypto-linked equities including digital asset treasury companies and mining stocks.

Coinbase chief executive Brian Armstrong said the recent price action suggests Bitcoin has likely already found its bottom for this cycle, pointing to the combination of easing macro risk and renewed buying interest as supportive of a sustained recovery from recent lows.

Not all market commentary was uniformly bullish on timing, however. Some market participants have suggested that while Monday's rally is a positive signal, the true long-term bottom for the current downturn may not be confirmed until later in the year, potentially in the fourth quarter, with the distinction framed as being more about timing of confirmation than the ultimate price level.

The breadth of Monday's rally, spanning major tokens, digital asset treasury equities, and mining-linked stocks, reflects the extent to which crypto markets have remained sensitive to broader geopolitical developments, with the easing of tensions tied to the Iran conflict providing a meaningful tailwind for risk assets across both traditional and digital markets.