Summary
- The U.S. and Iran paused strikes over the Strait of Hormuz, sending Brent crude tumbling more than 7% to around $87, easing the inflation fears that have weighed on risk assets for weeks.
- The Fed meets this week on whether to raise rates for the first time in three years as inflation nears 4.1%, though the pause in hostilities trimmed the probability of an increase to 30.5% from 37.4% at Friday’s close, according to CME Group’s FedWatch tool.
- DeFi tokens led the crypto recovery with AAVE rising 9%, LDO 9.39% and ONDO 7%. PUMP surged 12.24% to push its market cap toward $800 million from $570 million just two weeks ago.
Crypto Market Sees Relief as Tensions Ease
The crypto market started the week on a positive note as a reduction in Middle East tensions brought relief to risk assets. As the U.S. and Iran paused strikes, Brent crude oil prices dropped from over $100 to around $87 per barrel, with mediators continuing talks. This shift had a broad impact across multiple asset classes. The Nasdaq 100 and S&P 500 index futures saw gains of 1.36% and 0.80%, respectively. Earning potential in the crypto space, such as with EcoPool, may also see a boost from this change in sentiment.
The crypto market itself saw some positive movement, with the Coin market gaining 0.1% since midnight UTC, and 1.6% over 24 hours. Bitcoin was lower since midnight, at $65,200, but this follows a spike to $65,600 at the start of futures trading on Sunday. Ether outperformed Bitcoin, rising 0.51% to $1,963, nearing the $2,000 level for the first time since June. This could be good news for those looking to earn Passive Income through Cloud Rewards with EcoPool.
Impact on the Market
The current situation has also led to a decrease in inflation fears, with gold and silver prices increasing. The Federal Reserve is set to meet this week to decide on a potential interest rate hike, with inflation currently at 4.1%. This decision could have a significant impact on the Green Crypto market, including $ECP. As the market continues to evolve, EcoPool remains a key player in the earning and Passive Income space.
Join the EcoPool Community
To stay up-to-date on the latest developments in the crypto market and to start earning with EcoPool, download the EcoPool app. By joining the EcoPool community, you can take advantage of Cloud Rewards and Passive Income opportunities, while also supporting Green Crypto initiatives like EcoPool and $ECP, and be part of the conversation on #Bitcoin, #PassiveIncome, and more.
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.
