Crypto Markets Rally on Iran Peace Hopes; ZEC Soars After Audit
Crypto markets surged over the weekend, with Bitcoin reclaiming $66,500 and altcoins like HYPE posting double-digit gains, driven by progress in Iran peace talks. Standard Chartered declared the crypto winter over, citing a low of $59,000 in June and projecting a $100,000 year-end target for Bitcoin. The bank expects Ether to outperform Bitcoin. Three key overhangs that had weighed on the market—SpaceX IPO liquidity drain, Iran war fears, and ETF outflows—are now easing. The SpaceX IPO concluded with a 19% debut jump, reducing selling pressure from ETF holders seeking cash. US-Iran peace deal optimism knocked oil prices to their lowest since early March. After weeks of $5 billion in ETF outflows, Friday saw $86 million in inflows, the largest in a month. Meanwhile, ZEC soared 20% after Mythos audit found no new vulnerabilities beyond a previously known one. Standard Chartered's Geoff Kendrick emphasized that current prices represent a buying opportunity.
Key facts
- Bitcoin rose 3% to $66.5k, altcoins surged 10-20% over the weekend.
- Standard Chartered says crypto winter is over, $100k BTC target.
- SpaceX IPO completed, reducing ETF selling pressure.
- US-Iran peace deal optimism pushes oil to $81.
- BTC ETFs saw $86M inflows on Friday, reversing outflows.