Crypto markets firmed over the weekend after Friday’s sharp sell-off, with bitcoin recovering toward the $64,000 level. Although ceasefire negotiations between the U.S. and Iran are set to begin in Switzerland, renewed Iranian threats to close the Strait of Hormuz have brought back the same geopolitical uncertainty the agreement was meant to ease.

Bitcoin traded near $64,200 on Sunday, up 0.9% over the past 24 hours but broadly flat on the week, according to CoinDesk data, after briefly slipping below $63,000 on Friday. Most major cryptocurrencies stabilized alongside it.

Ether rose 0.5% on the day and 3.3% over the week to $1,734, while solana advanced 1.5% to $73 and tron gained 1.2%. Hyperliquid’s HYPE fell 2% on the day but remained the week’s top performer with a 14.8% gain. Dogecoin underperformed, dropping 4.9% over the week.

Overall, bitcoin ended the week little changed, rallying earlier on optimism around the Iran agreement before reversing on Friday’s broader risk-off move and then stabilizing over the weekend.

Market attention has shifted to Switzerland, where U.S. and Iranian officials, including Vice President JD Vance, are expected to begin talks on a permanent ceasefire, according to Bloomberg.

The discussions follow a memorandum of understanding signed by President Donald Trump last week, which established a 60-day negotiating window that can be extended.

However, uncertainty persists. Iran has again signaled a potential closure of the Strait of Hormuz, a key global shipping route. Its reopening under the agreement had previously contributed to a roughly 9% decline in oil prices and supported risk assets.

Although Iranian negotiators are heading to Switzerland, the renewed threat to shut the strait has reintroduced the same risk the deal was intended to remove.

As a result, crypto markets remain largely range-bound, reacting more to geopolitical headlines than to internal momentum.

A full closure of the Strait of Hormuz would likely drive oil prices higher and pressure risk assets such as bitcoin, while a sustained ceasefire could help ease market uncertainty.