The US and Iran signed an initial deal reopening the Strait of Hormuz, and oil fell as expected. The surprise was that crypto sold off with it, rather than rallying on the de-escalation.
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The total crypto market cap rose about 8.15% over the past week to $2.25 trillion, driven mainly by the US-Iran ceasefire, even as sentiment stays in Extreme Fear.
Bitcoin has extended its rally through the day, climbing to around $67,250 from the $65,000 level it reclaimed this morning on the US-Iran ceasefire news.