US Stock Market Surges Amid US-Iran Deal Hopes, Cryptos Struggle

The US stock market has experienced a significant surge in recent days, with all three major indices reaching fresh all-time highs on May 28. The S&P 500 closed at 7,563.33, up 0.6%, while the Nasdaq Composite climbed 0.9% to land at 26,917.47. The Dow Jones Industrial Average rose to 50,669.77.

The catalyst behind this rally is a reported tentative memorandum of understanding between the US and Iran. This deal includes a 60-day extension of a ceasefire and the reopening of access to the Strait of Hormuz, a critical chokepoint for global oil shipments.

However, despite this positive backdrop, Bitcoin has struggled to break through the $73,000 mark. Ongoing ETF outflows appear to be the main culprit behind this lackluster performance. Ethereum and other altcoins have also traded sideways or lower during this period.