Crypto Market Sees Positive Turn Amid US-Iran Pause

The crypto market is experiencing a positive turn as the US and Iran pause strikes over the Strait of Hormuz, sending Brent crude tumbling from above $100 to around $87 per barrel. This shift in the Middle East has had a ripple effect across multiple asset classes, with Nasdaq 100 and S&P 500 index futures up 1.36% and 0.80%, respectively.

Gold and silver are also higher as inflation fears unwind, while the CoinDesk 20 Index (CD20) has gained 0.1% since midnight UTC, 1.6% over 24 hours. Bitcoin is lower since midnight at $65,200, though this follows a spike to $65,600 at the start of futures trading on Sunday.

The underlying improvement in sentiment masks the little-changed reading, while Ether outperformed Bitcoin on Monday, rising 0.51% to $1,963 and approaching the psychologically significant $2,000 level for the first time since the beginning of June.