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The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Stocks, Tokens Ride On Peace Train
Equities and cryptos were rallying with gusto to spare on Wednesday morning after U.S. President Donald Trump last night announced a two-week ceasefire in Iran.
As of about 7 a.m. (EST), Dow futures surged by 1,229 points (2.6%) while Bitcoin rose 4.6% to $71,500. BTC has been as high as $72,750 since the prospect for peace emerged last night. As of this morning, the second-largest coin, Ethereum, had jumped by 7% to $2,240.
Crypto-related equities, including Strategy (MSTR), Galaxy Digital (GLXY), Coinbase (COIN) and Circle (CRCL), were advancing as of early Wednesday.
What's down
A Crude Descent
Crude oil plunged by 15% following Trump’s ceasefire declaration last night at about 6:30 p.m. (EST).
“We received a 10-point proposal from Iran,” Trump said on Truth Social, "and believe it is a workable basis on which to negotiate.”
Brent futures (for June delivery) tumbled from $110 to $94 per barrel.
Trump had set a deadline of last night at 8 p.m. (EST) for Iran to reach a deal with the U.S. to reopen a critical waterway for the global energy supply chain. Yesterday morning, Trump rather shockingly warned that Iran’s “whole civilization would die” if terms were not met.
What's next
Risk Markets Warmly Welcome 'Fragile Breathing Room'
Iran’s Supreme National Security Council has agreed to reopen the Strait of Hormuz for two weeks so long as all U.S. and Israeli attacks are halted, according to a statement from Iran’s Foreign Minister.
According to various news reports, Israel has also agreed to the ceasefire, although hostilities in Lebanon involving Israeli forces and the militant group Hezbollah appear to be continuing.
Investors now must worry whether this familiar two-week timeframe will actually lead to a lasting resolution, said Jay Woods, strategist for Freedom Capital Markets.
“It wasn’t much of a surprise that there was an announced reprieve in the Iranian conflict,” Woods told CNBC.
Even as rhetorical harshness ramped up yesterday, Bitcoin only ever fell as low as $67.8K.
The market, Freedom's Woods explained, has gotten adept at “sniffing out” Trump’s next move.
Traders, going back to last year’s U.S. tariff rollout, had coined a term, “TACO trade,” referring to the phrase “Trump Always Chickens Out.”
“The pause provides fragile breathing room after weeks of escalation," Andri Fauzan Adziima, head researcher at Bitrue, told Decrypt. “But skepticism remains high over whether it will hold beyond two weeks.”
Still, he added, “better TACO Tuesday than World War 3.”
