Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Cryptocurrency and stocks see increases as Trump indicates potential resolution of the Iran conflict.
The past 24 hours have been significant for crude oil, which surged to $120 per barrel due to concerns regarding Iran, only to drop back to slightly above $80.
What to know:
- Cryptocurrency assets, along with crypto-related stocks, continued to see gains on Monday afternoon following U.S. President Donald Trump’s statement that the conflict with Iran may conclude soon.
- U.S. stock markets experienced a significant rise after this announcement, recovering from earlier losses.
- Correspondingly, crude oil prices fell from approximately $116 to $86 in response to Trump’s remarks.
A volatile 24 hours persisted across all markets after President Trump indicated that the conflict with Iran could be nearing resolution.
Related Posts
Trump remarked that the action against Iran is “well ahead” of what was initially anticipated to be a four-to-five-week timeline, with further updates expected at 5:30 pm ET.
Already in the midst of a notable recovery after a sharp decline on Sunday evening when oil prices surged nearly 30%, the crypto and equity markets gained further momentum following the comments.
Just before the market closed, the Nasdaq was up 1.25% while the S&P 500 rose by 0.8%. Bitcoin hovering just above $69,000 saw an increase of 2.4% over the preceding 24 hours.
In contrast, oil prices experienced a further decline. After reaching $120 per barrel on Sunday evening with a rise of nearly 30%, WTI crude dropped back to $85, now down 6% for the day.
Oil’s historic day (finviz)
Crypto-related equities also contributed to the gains on Monday, with Circle (CRCL) increasing by 10%, while Strategy (MSTR) and Coinbase (COIN) saw rises of 5% and 2%, respectively.
