Bitcoin rebounded sharply on May 23 after US President Donald Trump said a peace memorandum with Iran had been “largely negotiated,” easing market fears after days of geopolitical pressure.
BTC had earlier fallen below $75,000, marking its lowest level in about a month. It later recovered to around $77,000, up 1.4% over 24 hours, as traders reacted to signs that the US-Iran conflict may be moving toward a negotiated pause.
Trump said he had spoken with leaders from Saudi Arabia, the UAE, Qatar, Pakistan, Türkiye, Egypt, Jordan, and Bahrain. He also said he held a separate call with Israeli Prime Minister Benjamin Netanyahu.
US-Iran War to Finally End?
According to Trump, the talks focused on a “Memorandum of Understanding pertaining to PEACE.” He added that the Strait of Hormuz would be reopened under the agreement.
The statement gave markets a clear relief signal. Hormuz had 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 broader risk sentiment.
Bitcoin’s move followed a sharp intraday reversal.
However, altcoins gained more strongly than Bitcoin. The move suggests traders shifted back into higher-risk assets after the peace-deal headlines reduced short-term fear.
Altcoins Gain Big Without Ethereum
AI-linked tokens led part of the rebound. NEAR Protocol rose 14.8% over 24 hours and gained more than 62% over the week. Worldcoin also climbed 8.7% on the day and more than 26% over seven days.
Privacy-linked assets also moved higher. Zcash gained 8.8% over 24 hours and nearly 28% for the week, making it one of the stronger large-cap performers.
Other major altcoins also recovered. Ondo rose 8.5%, Morpho gained 7.8%, and Hyperliquid increased 6.3% over the same period.
Still, the recovery depends on whether the agreement moves from public statements to a finalized framework. The key unresolved issues likely include sanctions relief, Iran’s nuclear program, guarantees against renewed attacks, and enforcement around Hormuz.
For now, the market is treating the latest Trump statement as a major de-escalation signal. Bitcoin has recovered from its one-month low, while altcoins are pricing in a stronger risk-on move.