As investors hoped that the US and Iran could eventually reach an agreement, the stock market rose, and the S&P 500 index recovered its losses since the Iran war. Bitcoin (BTC) surged strongly this morning, reaching a high of $74,900, the first time since February. Ethereum (ETH) jumped 7.7% to above $2,350.

US and Iran Expected to Resume Talks, S&P 500 Recovers Losses Since War

As the US-Iran war enters its seventh week, the US has begun a naval blockade of the Strait of Hormuz. Trump stated that Iran has contacted his staff regarding peace talks, and these remarks led to a continued rally in the stock market.

The peace talks held between the US and Iran over the weekend yielded no results. US Vice President Vance left Islamabad without reaching an agreement with the Iranian side, citing Iran's unwillingness to stop developing nuclear weapons. However, the differences between the two sides seem to go far beyond this; Iran also demanded control of the Strait of Hormuz, payment of war reparations, and the unfreezing of frozen assets.

The US implemented a naval blockade on Monday, cutting off the passage of ships in Iranian ports and coastal areas in an attempt to increase pressure on Tehran.

But Trump also tried to downplay the further shocks that the global energy market might suffer. He said that 34 ships passed through the Strait of Hormuz on Sunday, the highest number since the blockade measures were implemented.

The S&P 500 index rose more than 1%, recovering all losses since the Iran war, which also showed a rebound in market risk tolerance. Tech stocks moved strongly higher, with software stocks hitting a new high for a single-day gain in nearly a year, becoming the key momentum driving the broader market's rally.

Bitcoin Surges to 74K, MicroStrategy Adds $1 Billion in BTC

Bitcoin surged strongly this morning, reaching a high of $74,900, the first time since February. Ethereum jumped 7.7% to above $2,350.

MicroStrategy announced another massive purchase of Bitcoin, buying 13,927 BTC for about $1 billion at an average price of about $71,902.

Positive regulatory developments have brought good news. The US Securities and Exchange Commission (SEC) has scheduled a key roundtable on the CLARITY Act, aiming to provide long-awaited regulatory clarity.

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