What to know : Bitcoin may be entering a new phase of outperformance versus traditional assets after ending its longest-ever stretch of underperformance against the S&P500 in early May, according to investor Mark Connors. Connors argues that persistent inflation, structurally high oil prices and a “higher-for-longer” interest-rate environment are pressuring bonds and could favor...
After crumbling about 4% late Friday into early Saturday, bitcoin has more than retraced those losses in the past few minutes after President Trump announced a coming agreement with Iran and other Middle Eastern countries.
"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote Trump in a Truth Social post.
"In addition to many other elements of the Agreement, the Strait of Hormuz will be opened," the president continued.
The news sent bitcoin sharply higher to $76,700 after having fallen to nearly $74,000 earlier on Saturday.
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