Prices for cryptocurrencies such as Bitcoin (BTC) are surging on June 15 amid reports of a U.S.-Iran peace deal and following the completion of SpaceX’s (SPCX) initial public offering (IPO).
Bitcoin’s price is up 4% in early trading at $66,200 U.S. The price of BTC had been as low as $60,000 U.S. over the past week.
Other cryptocurrencies are seeing their prices rise even more dramatically, with Ethereum (ETH) up 6% to $1,765 U.S.
Smaller cryptocurrencies, or altcoins, such as Solana (SOL) and XRP (XRP) are each up more than 8% on the day as investors rotate back to digital assets.
Crypto prices are surging alongside talks after the U.S. and Iran announced that they’re reached a permanent peace deal and pledged to end military operations in the Middle East.
American and Iranian officials are expected to sign the peace deal in Switzerland on June 19.
The agreement is expected to reopen the Strait of Hormuz waterway near Iran, where about 20% of the world’s crude oil typically flows.
Consequently, oil prices are down about 5% on June 15 and hovering near $80 U.S. a barrel. Crude prices had been above $110 U.S. in recent months.
In addition to the Iran war ending, analysts say cryptocurrencies are also rising now that the SpaceX IPO has been successfully completed.
The commercial space company made its market debut on June 12 and the stock has rallied more than 20% since then, with its share price near $170 U.S. per share.
SpaceX raised $75 billion at a valuation of $1.77 trillion U.S., making it the biggest IPO in Wall Street’s history.
Some analysts had said that capital shifting to the SpaceX IPO had led to an outflow from cryptocurrencies and exchange-traded funds (ETFs) that track the spot price of Bitcoin.
Capital now appears to be moving back to cryptocurrencies following the launch of SpaceX’s stock, providing some measure of relief for the battered asset class.
Bitcoin had seen its price cut in half from an all-time high of $126,000 U.S. reached last October.
