Bitcoin copied US stocks as relief over end of US-Iran strikes spread to risk assets at the start of the US trading session.
Bitcoin (BTC) sought to build on local highs at Monday’s Wall Street open as US stocks opened in the green.
Data from TradingView showed BTC/USD spiking to near $66,000 as markets reacted to a pause in strikes between the US and Iran.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Additional reports cited an Iranian foreign ministry spokesman announcing that Tehran and Oman were “trying to establish mechanisms regarding maritime traffic” through the Strait of Hormuz, a key global oil route currently closed.
US WTI crude oil fell toward $82 per barrel on Monday before a modest rebound. The S&P 500 and Nasdaq Composite Index were both up by around 0.3% at the time of writing.
CFDs on US WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
Acknowledging a potential stumbling block in the form of higher US bond yields, trading company QCP Capital voiced that they were anticipating tailwinds for the crypto market going forward.
“Digital assets have generally outperformed equities in July despite a more challenging macro backdrop,” the firm wrote in its latest Market Color analysis.
QCP referenced developments around the CLARITY Act, a key piece of proposed crypto legislation still under consideration.
“Market attention also remains on developments surrounding the proposed CLARITY Act, which continues to be closely followed by digital asset participants given its potential implications for the US regulatory framework,” it continued.
Among Bitcoin traders, caution mixed with quiet optimism over BTC price action on shorter time frames.
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