Quick overview

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Cryptocurrency markets are trading higher on Monday as investors focus on developments in the war in the Middle East. In this context, Bitcoin (BTC) rose about 1% to trade above $74,034, according to Binance.

Meanwhile, Ethereum (ETH) climbed 2.5% to $2,318. Among major altcoins, gains were led by BNB (+1.1%) and TRON (+0.9%), while Hyperliquid fell 1.4%.

Signals from Trump on a potential deal with Iran

Donald Trump, president of the United States, said Monday that Iran wants to reach an agreement but stressed that Washington will not accept a deal allowing Tehran to possess nuclear weapons.

Trump said negotiations have stalled over nuclear issues and confirmed that a “blockade” of vessels transiting the Strait of Hormuz had begun.

He also said Iran “called this morning” and indicated that the country would like to reach an agreement. Reuters was unable to immediately verify the claim.

“Iran will not have nuclear weapons,” Trump told reporters at the White House. “We cannot allow a country to blackmail or extort the world.”

Risk appetite supports crypto markets

The diplomatic signals have supported cryptocurrencies. Bitcoin has reached a one-month high, tracking a broader rebound across global markets.

Investor sentiment was also boosted by a pullback in oil prices, which fell below $100 per barrel, easing some geopolitical risk concerns.

Short covering also contributed to the move, as traders unwound bearish positions while prices were rising, amplifying the upward momentum.

Bitcoin received additional support from Strategy Inc., which said Monday it purchased 13,927 bitcoins for roughly $1 billion last week, partly financed through the sale of preferred shares, according to a filing with the U.S. Securities and Exchange Commission.