As the U.S. blockade of the Strait of Hormuz goes into effect, reports say Iran is considering the abandonment of uranium enrichment as a way to end the war.
What to know:
- Bitcoin moved off the worst of its weekend levels in U.S. Monday morning trading.
- Reports suggested Iran was mulling concessions over its nuclear program as a way to end the war.
- U.S. stocks have also reversed sizable early losses, with crypto-related shares broadly higher.
The slide that began Saturday night, after Vice President J.D. Vance left Pakistan without securing a peace deal in Iran, has, for the moment, somewhat reversed.
After falling to as low as $70,500 at one point Sunday, the price of bitcoin has bounced back to $72,100 during U.S. Monday morning trading hours. Helping were reports suggesting Iran was considering the abandonment of its enriched uranium as a concession towards ending the war.
U.S. stocks have also reversed big early losses, the Nasdaq now higher by 0.3% after sliding more than 1%.
Meanwhile, the promised U.S. blockade of the Strait of Hormuz — scheduled for 10 am ET — has apparently gone into effect.
«Security in the Persian Gulf and the Sea of Oman is either for everyone or for NO ONE,» the Islamic Republic of Iran Broadcasting reported Monday. «NO PORT in the region will be safe,» based on a statement from Iran’s military and the Revolutionary Guards.
Crypto-related stocks are on the move higher as well, led by a 8.3% gain for stablecoin issuer Circle (CRCL). Coinbase (COIN) is up 3.1% and Strategy (MSTR) by 1.5%.
Does lightning strike twice?
Bitcoin has now been consolidating for 67 days since its local bottom on Feb. 5 at $60,000, almost identical to the 68-day consolidation period between Nov. 21 and Jan. 28, which preceded a sharp drop from roughly $90,000 to $60,000 in the span of a week. Bears anticipate a similar outcome, which may include a retest of the 200-week moving average around $60,000.
