Commodities
Oil Price Crash Sparks Crypto Rally as Diplomatic Talks Resume
WTI oil price dropped by nearly 11% over three sessions after Washington halted its bombing campaign against Iran, allowing for diplomatic talks to resume. This led to a significant decline in Brent crude prices as well.
The price drop was followed by a rally in the crypto market, with Bitcoin pushing back above $65,000 and Ether reaching a two-month high near $2,000. The total market cap also gained around 1.7%.
However, not all is well in the crypto space. Institutional money has not yet returned to the market, and sentiment remains poor, with the Crypto Fear and Greed Index still in Fear territory.