Bitcoin rebounded sharply on May 23 after US President Donald Trump said a peace memorandum with Iran had been largely negotiated, easing market concerns after days of geopolitical pressure.
Bitcoin earlier fell below $75,000Recording its lowest level in about a month. It later rebounded to around $77,000, up 1.4% over 24 hours, as traders reacted to signs that the US-Iran conflict may be heading toward a negotiated pause.
Trump said he spoke with the leaders of Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Turkey, Egypt, Jordan and Bahrain. He added that he had a separate call with Israeli Prime Minister Benjamin Netanyahu.
Will the US-Iranian war finally end?
According to Trump, the talks focused on a “memorandum of understanding related to peace.” He added that The Strait of Hormuz will be reopened According to the agreement.
The statement gave the markets a clear signal of relief. Hormuz has become one of the biggest risks to global assets due to its role in oil and energy flows. Any reopening would reduce pressure on oil markets and lower risk sentiment more broadly.
Bitcoin’s move came on the heels of a sharp intraday reversal.
However, altcoins have gained more strength than Bitcoin. The move suggests that traders have turned back to riskier assets after peace agreement headlines reduced short-term concerns.
Altcoins make big gains without Ethereum
AI-related tokens led part of the rebound. NEAR Protocol stock rose 14.8% over the 24-hour period and is up more than 62% over the week. Worldcoin also rose 8.7% during the day and more than 26% over seven days.
Privacy-related assets also rose. Zcash profit 8.8% 24 hours a day and nearly 28% during the week, making it one of the strongest performers.
Other major altcoins also recovered. Ondo rose 8.5%, Morpho rose 7.8%, and Hyperliquid rose 6.3% during the same period.
However, recovery depends on whether the agreement moves from general statements to the final framework. Key unresolved issues are likely to include sanctions relief, Iran’s nuclear program, safeguards against renewed attacks, and enforcement around Hormuz.
For now, the market is treating Trump’s latest statement as a major signal for de-escalation. Bitcoin has recovered from a one-month low, while altcoins are priced in a stronger risk-on move.
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