- Top altcoins like NEAR, ONDO, HYPE, and Worldcoin are the top gainers today.
- Donald Trump announced a potential deal with the Iranians.
- The deal will reopen the crucial Strait of Hormuz, leading to lower oil prices.
The crypto market did relatively well overnight as crude oil prices dipped on Hyperliquid after President Donald Trump announced his potential deal with Iran. The industry’s market capitalization jumped 1.68% in the last 24 hours to $2.56 trillion.
NEAR, HYPE, WLD, MORPHO Lead Gains Amid US-Iran Deal
NEAR Protocol (NEAR) token surged by 15% in the last 24 hours, while Ondo Finance (ONDO), Hyperliquid (HYPE), Worldcoin (WLD), and Morpho (MORPHO) soared by over 10%. They have all jumped by over 20% in the last seven days. Bitcoin price rose modestly and moved above $76,000 a day after falling below $75k.
In a statement, Trump said that he had reached a deal with the Iranians. While details have not been revealed, he added that the Strait of Hormuz will be reopened. This announcement led to a sharp decline in crude oil prices on Hyperliquid.
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The media suggests that a deal will include a 60-day ceasefire, the release of some Iranian funds, and the easing of some of its sanctions. It would also leave the Strait under Iranian control.
Still, there is some notable uncertainty about the deal. For one, Iranian officials have said that any deal announced by Trump is probably for US media consumption.
At the same time, some of Trump’s top allies, like Senator Lindsey Graham, Senator Ted Cruz, and Mark Levin, have blasted any deal, warning that it will empower the Iranians. Levin has urged the Senate to be involved in any deal the US makes with Iran.
Crypto Market Would Benefit From a US-Iran Deal
A new deal between the US and Iran would be good for the crypto market by lowering crude oil prices. This, in turn, would lead to lower inflation and reduce the chances that the Federal Reserve will hike interest rates.
The most recent macro data showed that US consumer and producer inflation surged in April. The headline CPI soared to 3.8%, while the PPI jumped to 6%.
As a result, some Fed officials have warned that the bank will need to hike rates to curtail inflation. The most notable announcement came from Christopher Waller, one of the top doves, who changed his tune and warned that the bank may need to hike rates.
A closer look at today’s top gainers shows they have been in a strong uptrend over the past few days. For example, the HYPE price jumped as the volume of Brent and the West Texas Intermediate (WTI) traded on its platform soared. HYPE ETFs have also attracted substantial inflows.
NEAR price has jumped due to its role at the intersection of artificial intelligence (AI) and privacy, while Worldcoin price has soared ahead of the upcoming OpenAI IPO, which is key since it was started by Sam Altman.
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