Bitcoin holds firm as Hormuz hostilities pause, Fed prepares interest-rate decision: Crypto Markets Today

The crypto market opened the week on a positive note as a shift in the Middle East offered a modicum of relief to risk assets. The U.S. and Iran paused strikes over the Strait of Hormuz, sending Brent crude tumbling from above $100 to around $87 per barrel as mediators continued talks.

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The move was felt across multiple asset classes. Nasdaq 100 and S&P 500 index futures are up 1.36% and 0.80%, respectively, while gold and silver are both higher as inflation fears unwind. The CoinDesk 20 Index (CD20) has gained 0.1% since midnight UTC, 1.6% over 24 hours.

Bitcoin BTC$65,148.57 is lower since midnight at $65,200, though this follows a spike to $65,600 at the start of futures trading on Sunday. The little-changed reading masks an underlying improvement in sentiment.

Ether (ETH) outperformed bitcoin on Monday, rising 0.51% to $1,963 and approaching the psychologically significant $2,000 level for the first time since the beginning of June.

The Fed is meeting this week and faces a decision on whether to raise interest rates for the first time in three years, with inflation running at 4.1% on the back of the oil surge spurred by the Iran war.