Hormuz Deal Lifts Global Stocks, Will Crypto Follow?
A potential deal between the US and Iran to restore shipping through the Strait of Hormuz has sent global stocks soaring, but the crypto market is still waiting to see if it will translate into a rally.
The agreement would allow ships entering the Gulf to travel through Iranian waters while outbound vessels use Omani waters. No transit fees would be charged during the 60-day period, and both countries would begin clearing naval mines before discussing a permanent arrangement.
In April, a similar temporary ceasefire saw Bitcoin climb around 4%, Ethereum gain about 6.5%, and several altcoins move higher as oil prices eased.
On-chain analyst Ali Charts believes that if the Hormuz agreement is officially announced and implemented, lower oil prices, steady ETF inflows, and improving network activity could support another short-term move higher for Bitcoin and altcoins.