Bitcoin rises to near $64k, but Iran uncertainty limits broader recovery

Investing.com-- Bitcoin rose on Saturday amid some bargain buying after a bruising week, although overall gains in cryptocurrencies were limited by some mixed signals on the U.S.-Iran peace deal.

The world’s largest cryptocurrency rose 1.2% to $63,851.0 by 14:29 ET (19:29 GMT) after falling below $63,000 earlier in the week.

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The mild gains came after several days of deep losses this week, with hawkish signals from the Federal Reserve being a major weight.

An ongoing pivot by investors into artificial intelligence stocks, from crypto, also pressured the sector.

Iran closes Hormuz, US denies closure

Iran said on Saturday it had closed the Strait of Hormuz in response to continued Israeli hostilities in Lebanon, accusing the country and the U.S. of violating their ceasefire deal.

But U.S. Central Command denied that the crossing was closed, and said commercial traffic continued to flow through the region.

The contrasting signals on Hormuz, coupled with the recent cancellation of U.S.-Iran talks in Switzerland, kept markets uncertain over a more comprehensive peace agreement in the Middle East.

But U.S. and Iran officials were seen touting more dialogue in the coming days. The countries agreed to a 60-day period of talks over Iran’s nuclear ambitions.

Strategy’s STRC stock tumbles

Attention also remained focused on Strategy and its preferred stock offering, STRC, which slid to record lows this week.

STRC was nursing a 8.3% drop this week, having briefly hit record lows of around $83. The stock was trading some 17% below Strategy’s $100 targeted price.

STRC is a preferred stock offering from Strategy that also pays dividends. But given the company’s heavy exposure to Bitcoin, some doubts have emerged over the long-term viability of Strategy’s leveraged Bitcoin buying.

This came especially as Bitcoin slid to annual lows earlier in June, and also traded more than 50% below its October record highs.

Crypto regulatory developments in focus

Beyond market movements, governments continued to refine their approach to digital assets.

Ireland this week unveiled a national strategy targeting money laundering and financial crime, with crypto-assets identified as a key area of focus. The initiative includes enhanced oversight of digital asset platforms and stronger anti-money laundering controls.

In the United States, lawmakers are preparing for a June 25 congressional roundtable that will examine how cryptocurrencies can support financial access in countries facing economic instability or restrictive financial systems.

The discussion is expected to address the role of digital assets in national security, financial freedom, and U.S. competitiveness.

Meanwhile, Argentina introduced a crypto-friendly measure after President Javier Milei signed an executive order exempting registered virtual asset service providers from the country’s 1.2% cheque tax.

The move is expected to reduce costs for crypto users and encourage further development of digital asset products in one of Latin America’s most active cryptocurrency markets.

Taken together, the developments highlight the increasingly important role digital assets are playing in financial systems, regulatory frameworks, and policy discussions around the world, even as short-term market volatility persists.

Crypto price today: Altcoins rise tracking Bitcoin

Broader crypto prices rallied higher, but were set for a subdued weekly performance.

World no.2 crypto Ethereum rose 2.12% to $1,725.07, while XRP edged 2.02% higher.

Solana rose 4.56%, Cardano increased 2.23%, and BNB was up 2.68%.

Among memecoins, Dogecoin rose 2.22%, while $TRUMP lost 0.66%.

Ambar Warrick contributed reporting