Oil Price Plunge Triggers Crypto Surge

The price of crude oil plummeted by nearly 11% in just three sessions, dropping from $94.3 to $84.04 as tensions between Iran and the US temporarily eased.

Washington halted its bombing campaign against Iran after 13 consecutive nights of strikes, leading Tehran to suspend its retaliation and talks to resume in Oman over the Strait of Hormuz.

Brent crude, which had reached $102 last week, dropped more than 7% in the first minutes of Monday trading, while Bitcoin surged past $65,000 and Ethereum (ETH) touched a two-month high near $2,000.

The oil crash has significant implications for the crypto market, as it removes one of the main macro headwinds facing cryptocurrencies this month.