Crypto Markets Rebound as Trump Announces Iran Peace Deal Progress

US President Donald Trump's announcement on progress towards a peace agreement with Iran has triggered a significant recovery in cryptocurrency markets.

The total capitalization of cryptocurrencies has recovered around $75 billion following the news, as investors breathe a sigh of relief at the prospect of reduced tensions between the US and Iran.

The deal, which is largely negotiated among the US, Iran, and several Middle Eastern countries, including Saudi Arabia and Turkey, also includes reopening the Strait of Hormuz. This key waterway has been closed since late February, impacting global energy prices and weighing on investments in high-risk assets such as cryptocurrencies.