Bitcoin

This event breaks the recent pattern where hawkish Fed fears were capping risk assets. With a major geopolitical overhang (Iran war) removed, the macro narrative shifts from inflation-fighting to peace-dividend easing, which historically benefits decentralized stores of value. However, the crypto market's deep bearish positioning means the initial reaction may be violent upward rather than gradual.

Treasuries advanced across the curve as investors trimmed Fed rate hike expectations following news of a deal to end the Iran war.