A breakthrough Iran peace deal announced by Pakistan, confirmed by U.S. leaders and Iranian media, and backed by Qatar sent oil prices to their lowest levels since before the conflict began — and gave crypto markets a jolt. President Trump on Truth Social said the deal is complete, authorizing the opening of the Strait of Hormuz and removal of the U.S. naval blockade. Crude took the hit: WTI dropped 4% to $80 a barrel, Brent fell 3.4% to $84.
Crypto markets gained 1.3% on the news. Bitcoin rose 1.6% to $65,500, its highest in 11 days. Ether added 2.3% to roughly $1,700.
Bitcoin climbs, altcoins run hotter
The peace deal broke a week of sideways grind for BTC, pushing it back toward the $67,000 resistance zone. Ether faces its own psychological wall at $2,000. But the altcoin board was mostly green, with bigger gains for Hyperliquid, Zcash, and Cardano. The timing isn't bad for a market that had been waiting for a macro catalyst.
The Fed's first Warsh meeting
Wednesday brings the Fed interest rate decision — Kevin Warsh's first as Chair. The CME Fed Watch tool puts odds of a hold at 96.6%. Warsh campaigned for rate cuts, but according to economist Joseph Brusuelas, rising prices and broadening inflation make cuts difficult. The data calendar is packed: May Industrial Production Monday, Housing Starts Tuesday, Retail Sales Wednesday, and the Philly Fed Manufacturing Index Thursday. Markets close Friday for Juneteenth.
Key levels to watch
Bitcoin has resistance just above $67,000. If it breaks through with volume, the peace rally could extend. Ether needs to reclaim $2,000 to shift sentiment. But the real story this week might be the Fed — whether the peace deal's deflationary oil drop gives Warsh room to sound dovish, or whether inflation data keeps him hawkish. Wednesday's decision will set the tone for the rest of June.
