A major geopolitical announcement has led to a significant recovery in crypto markets, with Bitcoin's price rising from a five-week low after US President Donald Trump revealed a peace deal with Iran.
The agreement includes the reopening of the Strait of Hormuz, a key waterway that had been closed since the conflict began in late February. The closure had put pressure on global energy prices and weighed heavily on risk assets like crypto.
Crypto markets responded quickly to the news, with total market capitalization recovering around $75 billion.