Crypto Market Surges as Peace Deal with Iran Boosts Sentiment

The cryptocurrency market started the week on a strong note, with a total market cap increase of 1.8% and an addition of nearly $40 billion in value to reach $2.24 trillion.

Bitcoin led the rally, climbing to a two-week high near $65,923 after weeks of heavy selling pressure following last week's losses.

The recovery comes as a result of several factors, with one major reason being U.S.-Iran's completed peace deal, announced by President Donald Trump on Monday. This agreement includes plans to reopen the Strait of Hormuz and end the naval blockade that had disrupted global energy supplies.

Another factor contributing to the market's rally is the slowdown in selling pressure on Bitcoin ETFs, with U.S. spot Bitcoin ETFs recording approximately $86 million in net inflows on June 12.