DATA & FIGURES
Bitcoin traded around $64,200 on Sunday, up 0.9% over 24 hours, with ether rising 0.5% on the day and 3.3% on the week to $1,734, solana gaining 1.5% to $73, and tron adding 1.2%. Combined exchange volumes fell 3.45% to $4.41T in May, the lowest since September 2024, while RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
THE SCENARIO
The geopolitical context is complex, with US-Iran ceasefire talks in Switzerland and Iran's renewed threat to close the Strait of Hormuz. This threat could push oil prices back up and drag risk assets, including bitcoin, with it.
DIRECT QUOTE
"The negotiations follow the memorandum of understanding President Donald Trump signed last week, which set a 60-day window that can be extended." — Shaurya Malwa, CoinDesk Reporter
BBN INSIGHT
The US-Iran ceasefire talks and the renewed threat to close the Strait of Hormuz have created uncertainty in the market. A genuine closure of Hormuz would push oil back up and likely drag risk assets, including bitcoin, with it. On the other hand, a durable ceasefire would clear the overhang and potentially lead to a more stable market.
MARKET REACTION
The price of bitcoin responded to the news, steadying near $64,000 over the weekend. The token traded around $64,200 on Sunday, up 0.9% over 24 hours but roughly flat on the week.