Crypto Rebounds, Altcoins See Limited Movement
Bitcoin rebounded above US$77,000 during the European session on Monday (May 25th), after plunging to near US$74,000 over the weekend. This price surge was driven by optimism regarding a possible peace deal between the US and Iran and the increasing adoption of crypto derivatives by institutions. At 06:48 GMT, Bitcoin was up 0.6% to US$77,444.
This recovery comes after Bitcoin previously hit a low of US$74,346.5 on Sunday (May 24th). Global financial markets began to stabilize as signs of progress in negotiations to end the nearly three-month-long Middle East conflict eased concerns about disruptions to oil shipments through the Strait of Hormuz.
Global stock indices continued their rally, while oil prices declined on hopes that shipping flows could return to normal if a deal was reached. Despite this, investor sentiment remains cautious after US President Donald Trump emphasized that he will not rush to finalize the agreement and that the US blockade of the Strait of Hormuz remains in effect.
Developments related to Iran's uranium stockpiles and the potential reopening of the Strait of Hormuz remain a focus for investors, as they impact global crude oil supplies. In the crypto market, some altcoins traded within a limited range: Ethereum edged up 0.8% to US$2,116.50, XRP rose 0.5% to US$1.36, Solana gained slightly by 0.8%, while Cardano and Polygon rose more than 1%. The meme token Dogecoin recorded a 0.3% increase.
In conclusion, Bitcoin and most crypto assets are recovering as geopolitical risks ease, while investors remain wary of developments in the negotiations. This price action underscores the correlation between the crypto market and global sentiment, particularly geopolitics and energy. (Arl)
Source: Newsmaker.id
