The cryptocurrency market rebounded over the weekend as Bitcoin climbed back above $63,000 following news that U.S. President Donald Trump had canceled planned military strikes on Iran. The de-escalation came after a turbulent week that saw BTC drop to a multi-week low of $62,100 on Saturday. The broader market also recovered, with Cardano’s ADA jumping 9% to $0.185, becoming the day’s top performer.
Bitcoin’s price dipped to $62,400 on Friday, then briefly touched $62,100 before Trump's announcement pushed it to $63,500 on Sunday morning. This volatility followed earlier FOMC-induced uncertainty, with BTC swinging between $63,000 and $65,000 after failing to hold above $65,600. Bitcoin’s market cap reclaimed $1.270 trillion, while its dominance remained below 57%.
Adding to bullish signals, Bitcoin’s network activity reached an all-time high in monthly transactions, indicating growing adoption beyond price speculation. Transaction fees stayed near historic lows, highlighting improved network efficiency. Institutional demand also stayed robust: U.S. spot Bitcoin ETFs attracted $233 million in net inflows, with $183 million going into BlackRock’s iShares Bitcoin Trust (IBIT), accounting for nearly 79% of the total.
However, optimism was tempered when Iran later denied any agreement to reopen the Strait of Hormuz, calling reports “completely false.” Despite the denial, the market held its ground, with other major altcoins like Ethereum, Solana, and XRP posting minor gains. Total crypto market capitalization rose by $40 billion to $2.250 trillion.
