Bitcoin Rallies as Markets Cheer Iran Truce

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Bitcoin copied US stocks as relief over end of US-Iran strikes spread to risk assets at the start of the US trading session.

Bitcoin (BTC) sought to build on local highs at Monday’s Wall Street open as US stocks opened in the green.

Bitcoin approached new local highs with the start of the week’s first US trading session.

Stocks also opened higher amid relief over a hiatus in the US-Iran war and potential progress on reopening the Strait of Hormuz.

BTC price action defended two daily moving averages on Sunday’s weekly close.

Bitcoin follows stocks higher as Iran news offers risk-asset tailwind

BTC/USD spiking to near $66,000 as markets reacted to a pause in strikes between the US and Iran.

Iranian foreign ministry spokesman announcing that Tehran and Oman were “trying to establish mechanisms regarding maritime traffic” through the Strait of Hormuz, a key global oil route currently closed.

US WTI crude oil fell toward $82 per barrel on Monday before a modest rebound. The S&P 500 and Nasdaq Composite Index were both up by around 0.3% at the time of writing.

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