CoinDesk
Bitcoin rebounded above $63,000 on Friday, last trading at $63,550 — up 1.6% on the day and 1.4% over the week, per CoinDesk data — after a seven-day stretch that briefly dragged it below $60,000 to levels last seen in 2024. The trigger was a sudden de-escalation in the Iran conflict: President Donald Trump said the US was "close to a deal" and that he had "ended the war with Iran today," with a formal signing possible in Europe this weekend. A formal agreement has not yet been announced.
Why it matters
The selloff that pulled Bitcoin under $60K this week wasn't a crypto-specific story — it was a risk-off move driven by a Middle East conflict that pushed oil higher and fed bets on stickier inflation and higher interest rates. A calmer Middle East reverses that channel: cheaper oil eases the inflation pressure, which softens the rate path that had been weighing on both crypto and gold. The cross-asset move on Friday confirms markets are reading Trump's comments as a real shift, not just rhetoric.
Market impact
The bounce was broad. Ether added 1.3% to $1,673, BNB rose 1.5% to $602, Solana gained 3.0% to $67, and XRP and Dogecoin each moved more than 2%; Hyperliquid's HYPE led the majors at +7.6%, while TRON was the sole decliner at -2.0%. Beyond crypto, Brent crude dropped 2% to roughly $88.50 a barrel, gold and silver jumped, South Korea's Kospi surged 8.4%, MSCI Asia Pacific gained 3.5%, and European shares were set to open 1.8% higher. Separately, tokenized assets hit a record $28.9B in May — their tenth consecutive monthly all-time high — while the stablecoin market cap extended its run to $320B. Whether the Bitcoin bounce holds now hinges on the Iran deal actually getting signed.
Frequently asked questions
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Why did Bitcoin bounce above $63K on Friday?
President Trump said the US was "close to a deal" with Iran and that he had "ended the war with Iran today," with a formal signing possible in Europe this weekend. Markets read it as the end of a 100-day conflict that had been driving oil prices and risk-off selling.
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How much did Bitcoin recover this week?
Bitcoin last traded at $63,550 on Friday, up 1.6% on the day and 1.4% over the week, per CoinDesk data. Earlier in the week it had dipped below $60,000 to levels last seen in 2024.
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How did other cryptocurrencies perform in the bounce?
Ether rose 1.3% to $1,673, BNB gained 1.5% to $602, Solana added 3.0% to $67, and XRP and Dogecoin each rose more than 2%. Hyperliquid's HYPE led the majors at +7.6%, while TRON was the only decliner at -2.0%.
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What happened in broader markets on the same signal?
Brent crude dropped 2% to about $88.50 a barrel, gold and silver prices jumped, South Korea's Kospi surged 8.4%, the MSCI Asia Pacific index gained 3.5% (its biggest rise in two months), and European shares were set to open 1.8% higher.
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Will the Bitcoin bounce hold?
Per the source, durability hinges on a formal Iran deal actually getting signed — Trump said a signing could happen this weekend in Europe, but as of the report no agreement had been formally announced.
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