Bitcoin prices climbed to $72,100 during U.S. Monday morning trading, recovering from a weekend slump that saw the cryptocurrency hit lows of $70,500.
The rebound follows reports that Iran is considering abandoning its uranium enrichment program as a concession to end the ongoing conflict.
U.S. equities also reversed early losses on Monday. The Nasdaq rose 0.3% after initially sliding more than 1%.
Market volatility persists as the U.S. blockade of the Strait of Hormuz went into effect at 10 a.m. ET.
"Security in the Persian Gulf and the Sea of Oman is either for everyone or for NO ONE," the Islamic Republic of Iran Broadcasting reported.
Iranian military and Revolutionary Guard officials stated that "NO port in the region will be safe" following the blockade implementation.
Crypto stocks rally
Shares of crypto-related companies tracked the digital asset's recovery. Circle (CRCL) led the surge with an 8.3% gain, while Coinbase (COIN) rose 3.1% and MicroStrategy (MSTR) climbed 1.5%.
Analysts are monitoring a 67-day consolidation period currently underway. This duration mirrors the 68-day period observed between late November and January, which preceded a sharp market drop.
Bearish traders suggest a potential retest of the 200-week moving average near $60,000 if the current support fails.
In a separate move, blockchain data shows approximately 89.8 million XRP, valued at $119 million, moved through intermediary wallets to a Coinbase-linked address. Large transfers to centralized exchanges often signal that major holders are preparing to rebalance or sell positions.
