Investing.com — Bitcoin rebounded above $63,000 on Saturday and was headed for a weekly gain, as improving sentiment around a potential U.S.-Iran peace agreement helped lift risk assets after a volatile week for cryptocurrencies.
Bitcoin was trading up 1.14% at $63,814.1 as of 03:53 ET (07:53 GMT), recovering from a sharp selloff that briefly pushed the world’s largest cryptocurrency below $60,000 for the first time since November 2024.
The cryptocurrency began the week trading at $60,804 after sliding the previous week amid broader risk aversion fueled by Middle East tensions, rising oil prices, and concerns that elevated inflation could keep interest rates higher for longer.
Risk appetite improved later in the week after U.S. officials signaled progress toward a potential agreement with Iran. Hopes that a deal could reopen the Strait of Hormuz and ease pressure on global energy markets helped lift stocks and other risk-sensitive assets.
The market also received a boost from the strong Nasdaq debut of SpaceX. Shares of the Elon Musk-led company surged about 19% in their first trading session, helping fuel a broader rally in growth-oriented assets.
Bitcoin’s recovery came despite renewed scrutiny of Strategy, the largest corporate holder of Bitcoin. The company disclosed earlier this month that it sold 32 bitcoin for about $2.5 million between May 26 and May 31 to help fund dividends on its STRC preferred shares.
Some market participants viewed the transaction as a symbolic shift, even though the amount sold was insignificant relative to the company’s overall holdings.
The rebound also comes as investors continue monitoring institutional demand. Spot bitcoin exchange-traded funds have recently experienced sustained outflows, raising questions about whether large buyers will return to support prices after the latest correction.
Separately, the U.S. Securities and Exchange Commission approved NYSE Arca’s proposal to list and trade shares of the T. Rowe Price Active Crypto ETF.
The actively managed fund will be able to invest in a range of digital assets, including bitcoin, ether, XRP, Solana, and dogecoin, marking another step in the expansion of regulated crypto investment products in the United States.
Despite this week’s recovery, bitcoin remains roughly 50% below its October 2025 record high near $126,000.
Crypto price today: altcoins mostly up on Saturday
Broader crypto prices were mixed on Friday, but were largely headed for weekly gains like Bitcoin.
World no.2 crypto Ether was last up 0.87% to $1,676.53, and was higher by 5.70% for the week.
