The cryptocurrency market staged a partial recovery this week, driven by a long‑awaited peace agreement between the United States and Iran and a pivotal Federal Reserve meeting. Over the weekend, news broke that the deal had been confirmed by Pakistan, US leaders, Iranian media, and Qatar, leading President Trump to declare on Truth Social: “The deal with the Islamic Republic of Iran is now complete. Congratulations to all!” He added that he had authorized the removal of the naval blockade of the Strait of Hormuz.
Oil prices promptly tumbled, with WTI falling 4% to $80 and Brent crude declining 3.4% to $84. The risk‑on sentiment spilled into crypto, lifting the total market cap by 1.3% on Monday. Bitcoin jumped 1.6% to reclaim $65,500—its highest level in 11 days—while Ether added 2.3% but remained weak at just over $1,700. Larger altcoin gains were seen in Hyperliquid (HYPE), Zcash (ZEC), and Cardano (ADA).
The spotlight now shifts to the Federal Reserve’s interest rate decision on Wednesday. Markets assign a 96.6% probability that rates will stay unchanged, but all eyes will be on new Chair Kevin Warsh’s first press conference. Economists are uncertain how Warsh will balance the administration’s calls for rate cuts against stubbornly high inflation. “It all puts Warsh in a difficult position,” said RSM chief economist Joseph Brusuelas. “He campaigned for the job with a promise of rate cuts, which the executive branch has called for. But the recent rise in prices … make any rate cuts difficult.”
Beyond the Fed, the week’s calendar includes several other events: Tuesday brings the Bank of Japan’s rate decision (expected +25 bps) and the start of trading for BitMine’s BMNP perpetual preferred shares on the NYSE. Monday saw Upbit delist NKN, Toncoin officially rebrand to Gram (GRAM), and RARI Chain and Swellchain set deadlines for asset withdrawals before shutting down. On Thursday, the Philly Fed Manufacturing Index and US jobless claims data will be released, while US markets close Friday for the Juneteenth holiday.
The convergence of geopolitical breakthrough and monetary policy anticipation has injected fresh optimism into digital assets, with Bitcoin now eyeing resistance above $67,000 and Ether needing to overcome the $2,000 psychological barrier to sustain its momentum.
