The US-Iran peace deal reached over the weekend provided the stimulus many markets had been waiting for.
Oil fell more than 4% on news that the Strait of Hormuz would reopen, copper jumped. MSCI’s broadest index of Asia-Pacific shares rose 3% and Japan’s Nikkei 225 hit a record high.
However, crypto markets showed muted gains following the announcement, with the CoinDesk 20 Index (CD20) little changed since midnight UTC. However, the measurement is 2.4% higher over 24 hours.
Bitcoin held below $66,000, barely moved since midnight after adding 3.4% over the weekend. Ether’s (ETH) performance mirrored that of its larger peers. The biggest gains came in the smaller altcoins, with the CoinDesk 80 index adding 1.5% since midnight.
The crypto market, reacting to geopolitics in the absence of industry-specific catalysts, has learned to distrust this particular headline. A ceasefire in April broke down. American strikes broke another ceasefire on 9 June. Both times, bitcoin gave back the relief rally. Today, traders seem unwilling to pay for a deal that will not be signed until the end of the week.
