US-Iran Deal Sparks Bitcoin Rally, But BOJ and Fed Decisions Loom

The US-Iran deal has lifted global markets, with Bitcoin reaching $66K. However, traders remain cautious as the agreement is only a memorandum of understanding and final negotiations are still ahead. The BOJ and Fed meetings this week could determine whether the rally holds.

According to CoinMarketCap data, the global cryptocurrency market cap now stands at $2.28T, up by 4.33% over the last 24 hours. Bitcoin (BTC) has been trading between $63,679 and $66,949 over the past 24 hours, currently trading at $65,640, up by 2.00%. Most major cryptocurrencies by market cap are trading higher.

The US-Iran agreement is seen as a relief for markets, with oil prices falling toward $80 and risk assets gaining as investors priced in lower inflation risks. However, traders remain cautious due to previous failed ceasefires that eventually collapsed and erased earlier gains.