Hormuz Deal Sparks Mixed Reaction from Cryptocurrency Markets

A potential U.S.-Iran agreement to restore shipping through the Strait of Hormuz is being hailed as a positive development for global markets, but its impact on cryptocurrencies is less clear. Bitcoin has traded above $64,000 over the past 24 hours, up less than 1%, while Ethereum posted modest gains.

However, XRP, Dogecoin, and Chainlink remained slightly lower, whereas BNB and Hyperliquid (HYPE) outperformed, indicating that money is starting to move into selected cryptocurrencies. The broader market has not yet broken out, with traders waiting to see whether the deal can turn into a stronger rally.

The proposed agreement would allow ships entering the Gulf to travel through Iranian waters while outbound vessels use Omani waters, without charging transit fees for 60 days. This could reduce tensions and stabilize oil markets, but a similar proposal reportedly failed weeks ago after attacks on commercial ships resumed.