The crypto market bounced back strongly after U.S. President Donald Trump announced a peace deal with Iran, easing geopolitical tensions and boosting risk appetite across financial markets. The rally added nearly $60 billion to the total crypto market cap, pushing it up 1.56% to around $2.24 trillion.

In a post on Truth Social, Trump said the agreement with Iran was complete and authorized the reopening of the Strait of Hormuz and the removal of the U.S. naval blockade. The parties expect to formally sign the deal in Switzerland on Friday.

Bitcoin Leads Recovery as Short Sellers Get Burned

Bitcoin climbed to around $65,800 following the announcement of the Iran deal, while trading volume jumped 36% over the past 24 hours. Ethereum…