Bitcoin holds near $64,000 as a renewed Hormuz threat clouds US-Iran ceasefire talks

Bitcoin steadied near $64,000 over the weekend, clawing back part of Friday's drop, as traders weighed the start of US-Iran ceasefire talks against a renewed threat to close the Strait of Hormuz.

The token traded around $64,200 on Sunday, up 0.9% over 24 hours but roughly flat on the week, per CoinDesk data, after dropping below $63,000 on Friday. Most majors firmed alongside it.

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 slipped 2% on the day but remains the week's standout, up 14.8%. Dogecoin was the weakest major, down 4.9% over seven days.

Bitcoin has gone nowhere on net this week, rallying early on the signed Iran deal, selling off Friday in a broad risk-off move, and stabilizing over the weekend.

The weekend's focus is Switzerland, where US and Iranian officials, including Vice President JD Vance, are due to open talks on a permanent ceasefire, per Bloomberg.

The negotiations follow the memorandum of understanding President Donald Trump signed last week, which set a 60-day window that can be extended.

The backdrop is less settled than that suggests, however. Iran has issued a renewed order to close the Strait of Hormuz, the shipping chokepoint whose reopening under the deal pulled oil prices down about 9% last week and lifted risk assets.

Tehran is sending negotiators to Switzerland even as it threatens to shut the strait again, leaving the market with the same uncertainty the signed deal was supposed to remove.

That leaves crypto where it has spent much of the month, range-bound and waiting on events it does not control.

As such, a genuine closure of Hormuz would push oil back up and likely drag risk assets including bitcoin with it, while a durable ceasefire would clear the overhang.