US-Iran Ceasefire Sends Crypto Market into Uptrend

The crypto market has been abuzz with activity in the wake of the US-Iran ceasefire announcement. One of the most notable beneficiaries of this development is Bitcoin, which climbed to as high as $72,750 before pulling back slightly. This move was part of a broader risk-on rally in pre-market trading for equities, with the Invesco QQQ and iShares Expanded Tech Software ETF (IGV) both posting gains of over 3.3%.

Gold also saw significant increases, rising by over 2% to $4,800 per ounce. In contrast, oil markets took a hit, with WTI crude dropping to $92 before rebounding to $96 per barrel, still down more than 12.5%. The Brent crude price is lower by over 7.5% in the past 24 hours.

The market's reaction has been characterized by compressed volatility across both traditional and crypto markets. The VIX is down 20%, while the Bitcoin Volmex Implied Volatility Index (BVIV) has fallen more than 6% to 46, indicating calmer conditions. Crypto-linked equities are also advancing, with Strategy (MSTR), Galaxy Digital (GLXY), Coinbase (COIN), and Circle (CRCL) all showing healthy gains in pre-market trading.