The decline that began Saturday night, after Vice President JD Vance left Pakistan without reaching a peace deal in Iran, has for the moment reversed somewhat.
After falling to as low as $70,500 at one point on Sunday, the price of bitcoin recovered to $72,100 during Monday morning trading hours in the US. Helping were reports suggesting that Iran was considering abandoning its enriched uranium as a concession to end the war.
US stocks have also reversed big early losses: the Nasdaq is now up 0.3% after falling more than 1%.
Meanwhile, the promised US blockade of the Strait of Hormuz, scheduled for 10 a.m. ET, has apparently gone into effect.
“Security in the Persian Gulf and the Sea of Oman is for everyone or NO ONE,” the Islamic Republic of Iran Broadcasting reported on Monday. “NO PORT in the region will be safe,” according to a statement from the Iranian army and Revolutionary Guard.
Cryptocurrency-related stocks are also rising, led by an 8.3% gain for stablecoin issuer Circle (CRCL). Coinbase (COIN) rose 3.1% and Strategy (MSTR) rose 1.5%.
Read more: Strategy buys 13,927 bitcoins for $1 billion, entirely through STRC
Does lightning strike twice?
Bitcoin has been consolidating for 67 days since its local low on February 5 at $60,000, almost identical to the 68-day consolidation period between November 21 and January 28, which preceded a sharp drop from about $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.
