Trump announces Iran peace deal and Strait of Hormuz opening — Bitcoin surges to $76,700!

Bitcoin jumped sharply to $76,700 on Saturday after President Trump announced that a peace agreement between the United States and Iran had been largely negotiated. Trump posted on Truth Social that the deal — pending finalization with multiple parties — includes the reopening of the Strait of Hormuz, a critical global oil chokepoint. The news reversed a roughly 4% slide that had pushed BTC close to $74,000 earlier in the session.

The geopolitical catalyst arrives as veteran analyst Mark Connors, former Credit Suisse global head of portfolio management and ex-CIO of Risk Dimensions, argues that Bitcoin has just ended its longest-ever stretch of underperformance against the S&P 500. Connors sees persistent inflation, structurally elevated oil prices, and a higher-for-longer rate environment as headwinds for bonds — and as a structural tailwind for Bitcoin.