Crypto Market Sentiment Lifts on US-Iran Peace Deal Hopes

Crypto market sentiment improved as markets reacted to hints of a U.S.-Iran peace deal.

The plunge in crude oil prices, inflows to U.S.-listed Bitcoin Spot ETF products, and weak labor market data from the U.S. all contributed to the lift in crypto market sentiment.

Both crude oil benchmarks declined more than 4 percent, dragging down bond yields and thereby the opportunity cost of holding cryptocurrencies.

The positive sentiment on Wall Street also supported sentiment in the cryptocurrency market, with the tech-heavy Nasdaq Composite Index surging almost 1.6 percent.