Bitcoin briefly broke through a resistance zone at $74,000, which it rejected four times in two weeks, before rebounding below that level, coindesk.com wrote.
The major cryptocurrency was trading slightly above the $74,000 mark on Monday morning, up 2.9% in the past 24 hours and 9.7% for the week. Ether rose 7.7% in 24 hours and 14.3% for the week to $2,261, its strongest weekly performance in months. Solana jumped 5.6% for the day and 12% for the week to $93.
Dogecoin broke the $0.10 mark for the first time since early March, rising 4.6% for the day and 10.6% for the week. BNB rose 3.8% to $683 with a weekly gain of 9.5%. XRP rose 4.2% to $1.47, showing an 8.9% gain in seven days.
The catalyst was a change in tone from several directions at once. Trump said the U.S. is negotiating with Iran, although Tehran denies requests for talks or a ceasefire. Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz is closed only to “enemy” vessels, a marked softening from the previous full closure.
Two liquefied petroleum gas tankers bound for India passed through the strait on Sunday, becoming the first commercial shipment since the war began.
Oil reflected the change in sentiment. Brent traded near $104 after earlier highs of $106.50 amid strikes on Kharg Island, but corrected downward after news of the Strait of Hormuz. WTI slipped below $100. The dollar weakened 0.3%. S&P 500 futures rose 0.5%, targeting their first gain in five days. The MSCI Global Equity Index stabilized after a three-day decline.
For cryptocurrency, the combination of lower oil prices, a weaker dollar and even a hint of de-escalation is exactly the kind of macroeconomic cocktail that is loosening the liquidity chain that has shackled risky assets since the war began.
The weekly numbers are the most impressive since before the war. Bitcoin’s 9.7% rise is strong, but outperforming altcoins is a signal of a true return of risk appetite. With ether outperforming bitcoin by 4.6 percentage points and solana outperforming by 2.3 points for the week, capital is moving down the risk curve rather than hiding in bitcoin.
