US-Iran Deal Lifts Markets, Bitcoin Tops $66K, but BOJ and Fed Decisions Could Determine Whether the Rally Holds
According to CoinMarketCap data, The global cryptocurrency market cap now stands at $2.28T, up by 4.33% over the last 24 hours.
Bitcoin (BTC) has been trading between $63,679 and $66,949 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $65,640, up by 2.00%.
Most major cryptocurrencies by market cap are trading higher. Market outperformers include ADX, CHIP, and GPS, up by 32%, 18%, and 18%, respectively.
US-Iran Deal Lifts Markets, Bitcoin Tops $66K, but BOJ and Fed Decisions Could Determine Whether the Rally Holds
Markets rallied after the U.S. and Iran reached an interim agreement that reopened the Strait of Hormuz and eased geopolitical tensions. Bitcoin climbed above $66,000, oil fell toward $80, and risk assets gained as investors priced in lower inflation risks. However, traders remain cautious as the agreement is only a memorandum of understanding, with final negotiations still ahead. This week's Bank of Japan (BOJ) and Federal Reserve meetings are now the key catalysts that could either extend the recovery or trigger renewed volatility.