The U.S.-Iran peace deal reached over the weekend provided the stimulus many markets were waiting for.
Oil fell more than 4% on news of the reopening of the Strait of Hormuz, while copper jumped. MSCI’s broadest index of Asia-Pacific shares rose 3% and Japan’s Nikkei 225 hit a record high.
Crypto markets, however, saw modest gains following the announcement, with the CoinDesk 20 Index (CD20) little changed since midnight UTC. The measurement is, however, 2.4% higher over 24 hours.
Bitcoin held below $66,000, barely moving since midnight after adding 3.4% over the weekend. Ether’s (ETH) performance mirrors that of its larger peers. The biggest gains were seen in smaller altcoins, with the CoinDesk 80 index up 1.5% since midnight.
The crypto market, reacting to geopolitics in the absence of industry-specific catalysts, has learned to be wary of this particular stock. A ceasefire in April failed. American strikes broke another truce on June 9. Each time, Bitcoin made the rally a relief. Today, traders don’t seem willing to pay for a deal that won’t be signed until the end of the week.
