Uncertainty over the U.S.-Iran ceasefire dampened sentiment in the cryptocurrency markets that had rallied emphatically a day earlier. The spike in crude oil prices, the continuing disruption in the Strait of Hormuz, the indications in the FOMC minutes as well as persisting outflows from U.S.-listed Bitcoin Spot ETF products weighed on market sentiment. Overall market capitalization of cryptocurrencies has declined more than a percent in the past 24 hours.

Brent Oil Futures for June settlement are currently trading at $98.41, having rallied 3.9 percent on an overnight basis. West Texas Intermediate (WTI) Crude Oil Futures for May settlement has also jumped 6.5 percent overnight to trade at $100.52. On a year-to-date basis, Brent has…