Crypto Market Rallies on US-Iran Peace Deal, Bitcoin Hits $66,000

The crypto market has started the week on a positive note, with Bitcoin surging above $66,000. This comes as the US and Iranian peace deal extends the ceasefire by another 60 days, giving both countries more time to reach a nuclear agreement.

This development is seen as a major catalyst for the crypto market, removing a key underlying risk that had been weighing on investors' minds in recent months. Lower crude oil prices are also expected to have a positive impact on inflation, which has been a concern for the global economy.

The US deal has already led to a surge in the value of several cryptocurrencies, with tokens like Worldcoin, Zcash, Layer Zero, and Near Protocol jumping by over 10% in the last 24 hours. Analysts believe that this trend is likely to continue, driven by a risk-on sentiment in the market.

Meanwhile, the Federal Reserve and Bank of Japan are expected to make key interest rate decisions this week. The Fed is seen as unlikely to raise rates, while the BoJ is expected to hike its benchmark rate to 1% for the first time in over three decades. A BoJ rate hike is typically seen as bearish for cryptocurrencies.

The latest announcement from Strategy's Michael Saylor has also contributed to the surge in crypto prices. The company hinted that it continues to buy Bitcoin, which could lead to further buying pressure on the asset.