Here’s what happened in crypto today

Today in crypto, it's all about Bitcoin.

Strategy's latest Bitcoin purchase pushed its holdings to 846,842 BTC as Standard Chartered analyst Geoff Kendrick pointed to continued buying by the company as a sign that crypto prices may have already bottomed in the current cycle. Bitcoin also climbed after Donald Trump said the US had reached a deal with Iran.

Saylor’s Strategy buys 1,587 BTC for $100M, holdings hit 846.8K

Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, added to its cryptocurrency reserves last week as BTC continued to trade below the company’s average cost basis of about $75,700.

Strategy acquired 1,587 Bitcoin (BTC) for $100 million between June 8 and 14, according to Monday's 8-K filing with the US Securities and Exchange Commission.

The purchase was made at an average price of $63,024 per Bitcoin, bringing the company’s overall average cost basis slightly lower to $75,656.

Source: SEC

With the latest buy, Strategy now holds 846,842 BTC, accumulated at a total cost of $64.07 billion. At the current price of about $66,216 per bitcoin, those holdings are worth roughly $56.1 billion, according to CoinGecko data.

Similar to the previous 1,550 BTC acquisition announced last Monday, Strategy funded the latest acquisition through sales of its Class A common stock (MSTR).

Bitcoin nears $66,000 as Trump signals Iran peace deal

Bitcoin neared a two-week high of $66,000 early on Monday after US President Trump said a peace deal with Iran that would reopen the Strait of Hormuz was “now complete.”

Trump posted to his Truth Social platform late on Sunday that the deal, scheduled to be signed on Friday, would see a “toll-free opening of the Strait of Hormuz” and the removal of a US Naval blockade.” 

Crypto markets reacted positively to Trump’s post, with Bitcoin (BTC) reaching $65,881 on Coinbase on Monday morning, the highest it has traded over the last 12 days, having last reached over $66,000 on June 3.

Source: Donald Trump

Andri Fauzan Adziima, the research lead at Bitrue Research Institute, told Cointelegraph that the potential deal “removes a major geopolitical risk premium, triggering a clear risk-on move as uncertainty fades.” 

Details of the deal were not immediately available, and it reportedly would not be implemented until Iran signs, which is expected on Friday under mediation by Pakistan.

StanChart looks for 3 signs of BTC bottom, including Strategy’s Monday news

Standard Chartered analyst Geoff Kendrick on Friday told clients that he believes crypto asset prices have seen the low in the current cycle and he is looking for confirmation in three indicators: Strategy’s reporting that it bought more Bitcoin last week; crypto exchange-traded funds (ETF) saw positive inflows on Friday; and, oil prices continue to break lower.

“We have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high),” Kendrick said in a brief note to clients on Friday. The biggest crypto was last trading on Sunday at about $63,704, according to CoinMarketCap data.

Depending on how investors read Strategy chief Michael Saylor’s near-weekly tweet issued earlier on Sunday, The first sign that Kendrick is watching for may have come. 

“Still adding dots,” was Saylor’s message that accompanied the now-familiar dot, or bubble, chart that the Strategy executive frequently includes in his social media posts teasing forthcoming BTC purchases. 

Michael Saylor's tweet on Sunday had more than a half a million views by mid-afternoon, ET. Source: Michael Saylor on X.com