Bitcoin Hits Three-Month High Above $82,000 as US-Iran Deal Hopes Surge
The Bitcoin price surpassed the $82,000 mark on Wednesday, reaching a three-month high. At the same time, the privacy coin sector recorded massive price gains, led by Zcash with a daily gain of around 35 percent. Many other altcoins, including XRP, BNB, Solana, and Cardano, also showed significant recovery on a daily and weekly basis:
| # | Asset | Price | 24h | 7d |
|---|---|---|---|---|
| 1 | Bitcoin (BTC) | $82,356.95 | ▲1.39% | ▲6.76% |
| 2 | Ethereum (ETH) | $2,409.34 | ▲0.96% | ▲4.16% |
| 3 | XRP (XRP) | $1.44 | ▲2.56% | ▲4.79% |
| 4 | BNB (BNB) | $658.54 | ▲4.53% | ▲5.64% |
| 5 | Solana (SOL) | $89.78 | ▲5.33% | ▲6.68% |
| 6 | TRON (TRX) | $0.3435 | ▲1.60% | ▲6.19% |
| 7 | Dogecoin (DOGE) | $0.1162 | ▲3.79% | ▲8.52% |
| 8 | Hyperliquid (HYPE) | $44.40 | ▲1.59% | ▲10.91% |
| 9 | Cardano (ADA) | $0.2718 | ▲5.01% | ▲9.11% |
| 10 | UNUS SED LEO (LEO) | $10.35 | ▲0.25% | ▼0.23% |
| 11 | Zcash (ZEC) | $572.17 | ▲35.27% | ▲72.11% |
| 12 | Bitcoin Cash (BCH) | $471.81 | ▲2.72% | ▲4.29% |
Bitcoin benefits from possible US-Iran deal
The trigger for Bitcoin’s rise were reports of a possible peace agreement between the US and Iran. According to a report by the news portal Axios, citing four sources familiar with the matter, the White House has drafted a unilateral memorandum of understanding containing 14 points. The document provides for, among other things, the lifting of sanctions, an end to nuclear enrichment, and the reopening of the Strait of Hormuz within 30 days.
Bitcoin was last trading at around $82,330, a gain of approximately 1.4 percent within 24 hours. Since the start of the conflict, Bitcoin has recorded a price increase of 25 percent, while the S&P 500 gained 8 percent and gold fell 11 percent. The S&P 500 climbed to a new all-time high of 7,366 points on Wednesday.
The oil price reacted in the opposite direction: West Texas Intermediate fell by more than 10 percent to $93 per barrel. This is seen as an important signal of easing inflationary pressure and could revive expectations of interest rate cuts.
“Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran”, said US President Donald Trump on Truth Social.
Zcash leads privacy coin rally
Alongside Bitcoin’s rise, the privacy coin sector experienced a sharp price jump. Zcash gained around 37 percent within 24 hours and temporarily traded at $593 before the price fell back to approximately $570. Over the past two weeks, the gain totals 72 percent, and over the past year even around 1,485 percent.
One contributing trigger for the move was a public statement by Tushar Jain, co-founder and managing partner of crypto investment firm Multicoin Capital. Jain stated that the firm had been building a “significant position” in Zcash since February, and described the coin as the “cleanest way” to express the privacy thesis in the public market.
“We believe that truly private, censorship- and seizure-resistant assets have a clear product-market fit and that demand is accelerating,” said Tushar Jain of Multicoin Capital.
Political risks as a driver of demand
Multicoin Capital bases its investment thesis on growing political risks for publicly visible assets. As a concrete example, the firm cites California’s proposed wealth levies as well as a general political trend toward the seizure of private wealth. Bitcoin offers censorship resistance, but does not protect against wealth taxes on known holdings, the argument goes.
Other privacy coins also benefited from the move. Dash gained around 22 percent, Monero around 4 percent. The entire privacy coin sector recorded gains of around 15 percent, according to CoinGecko data.
