Global Cryptocurrency Market Cap Reaches $2.71T as US-Iran Deal Takes Shape

The global cryptocurrency market cap has reached $2.71 trillion, marking a 0.96% increase over the last 24 hours. The top performers in the market include IO, ZEC, and STORJ, which saw gains of 51%, 37%, and 31%, respectively.

The US-Iran negotiations have resulted in a landmark breakthrough, with Iran agreeing to halt nuclear enrichment and reopen the Strait of Hormuz. This development is expected to have a significant impact on oil prices and inflation outlook.

The reopening of the Strait of Hormuz is considered the single most important macro development for risk assets since the conflict began in February. The strait handles around 20% of global oil supply, and its closure has been a major contributor to Brent's surge from $70 to over $100 per barrel.