The US-Iran peace deal reached over the weekend provided the stimulus many markets were waiting for.
Oil fell more than 4% on news that the Strait of Hormuz would reopen and copper jumped. MSCI’s broadest index of Asia-Pacific shares rose 3% and Japan’s Nikkei 225 hit a record high.
However, crypto markets posted modest gains following the announcement, with the CoinDesk 20 Index (CD20) little changed since midnight UTC. The measure, however, is 2.4% higher in 24 hours.
bitcoin remained below $66,000, barely moving since midnight after adding 3.4% over the weekend. Ether (ETH)’s performance mirrored that of its largest peer. The biggest gains came in smaller altcoins, with the CoinDesk 80 index adding 1.5% since midnight.
The cryptocurrency market, reacting to geopolitics in the absence of industry-specific catalysts, has learned to distrust this particular headline. A ceasefire in April failed. American attacks broke another truce on June 9. On both occasions, bitcoin returned the relief rally. Today, traders do not appear willing to pay for a deal that will not be signed until the end of the week.
