A crypto market rally sparked on Sunday, with Bitcoin (CRYPTO: BTC) rising to $77,000, a day after it moved to $74,000. Some of the top gainers were coins like Venice Token, Zcash (CRYPTO: ZEC), Morpho, and Hyperliquid, which jumped by over 10%.
Crypto Market Rally Triggered By Potential US-Iran Deal
The market capitalization of all coins jumped by over 2% to $2.56 trillion. This rally was triggered in part by President Donald Trump‘s touting a potential deal between the US and Iran.
In a statement, he said that the two countries were about to reach an agreement that would reopen the Strait of Hormuz. As a result, crude oil prices dipped sharply, with Brent and the West Texas Intermediate falling below $100 on Hyperliquid. Perpetual futures tied to the S&P 500 Index also jumped to a record high.
A US-Iran deal would be highly bullish for the crypto market because of its impact on inflation and the Federal Reserve. It would lower inflation, making it easier for the Fed to cut interest rates in the coming months.
That would be significant, as …
