Bitcoin continued its upward momentum on Monday, supported by stronger risk sentiment driven by lingering optimism around potential U.S.–Iran negotiations, even after weekend talks failed and a naval blockade in the Strait of Hormuz was initiated.
The leading cryptocurrency climbed 2.6% to $73,196.1 by late U.S. trading hours.
Despite 21 hours of negotiations, U.S. and Iranian officials were unable to secure a deal to reinforce a temporary ceasefire. Meanwhile, former President Donald Trump confirmed that a U.S. naval blockade in the key oil transit route would take effect, signaling a possible escalation in Middle East tensions and raising concerns over global shipping and energy supply disruptions.
Although such disruptions have limited direct impact on cryptocurrencies, they could weigh on global economic growth and dampen investor appetite for riskier assets. Sentiment had already been pressured by a sharp rise in U.S. inflation in March, largely fueled by higher energy costs linked to the conflict.
Separately, Bhutan has reportedly reduced its Bitcoin holdings by around 70% since October 2024, now holding roughly 3,954 BTC valued at $280.6 million, down significantly from its previous peak. The reasons for the sell-off remain unclear.
At the same time, MicroStrategy continued to expand its crypto exposure, purchasing nearly 14,000 BTC last week for about $1 billion. This brings its total holdings to 780,897 BTC, acquired at an average price of $75,577 per coin.
Across the broader crypto market, altcoins posted modest gains. Ether rose 1.8% to $2,253.38, XRP added 0.8%, while Cardano, Solana, and BNB recorded smaller increases.
Sources: Anuron Mitra
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