The cryptocurrency market regained about $75 billion in market value on news of progress toward a peace deal between the United States and Iran. Bitcoin led the rebound, reaching the $77,000 level on major exchanges.

On May 24 local time, Donald Trump (도널드 트럼프), the U.S. president, said an agreement involving the United States, Iran and several Middle Eastern countries had largely been negotiated and that final details were being discussed, Cointelegraph reported.

On Truth Social, Trump named Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Turkey, Egypt, Jordan and Bahrain as participants in the talks. The agreement also includes reopening the Strait of Hormuz.

The blockade of the Strait of Hormuz led to rising global energy prices and increased cost-of-living burdens, and recently weighed on investment in high-risk assets such as cryptocurrencies. The announcement came amid an unstable ceasefire phase that began in early April. The United States and Iran have tried several times to reach an agreement but have failed to deliver results.

U.S. Secretary of State Marco Rubio (마코 루비오) also reaffirmed the conditions for a peace deal while visiting India that day. Rubio demanded that Iran be barred from possessing nuclear weapons, that the strait be opened without tolls and that enriched uranium be handed over.