Crypto Market Sees Uptick as Tensions Between US and Iran Ease

The crypto market is experiencing an uptick today due to easing geopolitical tensions between the US and Iran. This development has pushed oil prices lower, with Brent crude oil down by 7% and Murban crude oil down by 12%. The drop in oil prices has a positive impact on the crypto market, causing it to rise.

Ethereum (ETH) is leading the gains among the top ten largest cryptos by market cap. Its price has increased by 4.25% to reach its highest point since June 2 at $1,952. The optimism surrounding the potential ceasefire deal between the US and Iran is contributing to ETH's surge.

On the other hand, Shiba Inu (SHIB) is experiencing a decline of 9% among the top 30 largest cryptos. This drop follows profit-taking by short-term traders who bought SHIB over the weekend after its price rose by 25% due to an increase in the SHIB burn rate.