The peace agreement between the United States and Iran continues to fuel the bull market in equity markets. Wall Street has hit new all-time highs. The same euphoria is felt in Asia, where the Nikkei sets a new record, while Europe extends its gains, led by a record-breaking performance in Milan. The crypto sector is also reacting, moving upward in an orderly fashion, without excesses or major spikes. New records for stock indices come alongside an orderly crypto rebound.
Bitcoin is recovering, currently trading at 66,150 USDT, with a weekly gain of 0.61%, though it remains down -10.13% for the month. Ethereum showed a stronger rally, closing up 4% yesterday; today it is experiencing a slight contraction, trading at 1,770 USDT, and remains in the red by -11.85% since the beginning of June.
The attached chart shows a month-to-date overview of the Top 20, where red signs still stand out. Focusing on the beginning of the week, there was a good rebound for Ripple and Solana, both gaining over 3%. The true protagonist remains Hyperliquid, which recorded an +8.11% weekly gain and, above all, remains the best-performing token in the Top 20 with a rally of +173.71% since the beginning of 2026. Prudent rebound for cryptos.
At the bottom of the June rankings remain Bitcoin Cash, Avalanche, and Cardano, with drops between -23% and -25%. The rebound, triggered on Sunday evening following the truce announcement, primarily wiped out short positions, with liquidations concentrated on bears. In the early hours of today, however, the movement shows a consolidation after yesterday's spike, signaling a market that is recovering without forcing. The general tone for cryptos confirms a prudent risk-on sentiment, tied more to geopolitical expectations than to structural flows.
Wall Street and European stock markets hit new records. On the equity front, Wall Street closed with new records, driven by Nvidia, Meta, and the entire tech sector. The S&P 500 and Nasdaq accelerated without hitting their respective all-time highs on the cash market, unlike the futures. The drop in oil prices and the easing of inflation fears fueled the buying pressure.
During the overnight session, US futures continue to trade in positive territory. In Europe, the opening of futures pushes the EuroStoxx to a new all-time high, unlike the DAX, which remains below its peak. Yesterday was also a day of celebration for Piazza Affari, with our FTSE MIB hitting a new historic record above 52,200 points. Driving the Milanese index are banks and financials, supported by the ECB's recent rate hike and banking M&A (risiko).
Spotlight on the Fed and Bank of Japan The central bank agenda is packed. Today, the spotlight is on the Bank of Japan, which is expected to deliver a 25-basis-point rate hike, raising rates from 0.75% to 1.0%. Also today, the Federal Reserve meeting kicks off, marking the first one under the leadership of the new chairman, Kevin Warsh. The decision will be announced tomorrow: the market is pricing in unchanged rates between 3.50% and 3.75%. Attention is focused on the dot plot and the tone of the press conference. May's retail sales data are also due tomorrow.
Anticipation for the signing, oil at multi-month lows In the background, anticipation remains high for the signing of the memorandum, scheduled for Friday, June 19, in Geneva. The agreement includes a permanent ceasefire, the reopening of the Strait of Hormuz, and the lifting of the US naval blockade.
The reopening is expected to take place immediately after the formal signing. However, the framework remains fragile. Defense Minister Israel Katz announced that Israel will not withdraw from southern Lebanon and that operations against Hezbollah will continue. Oil prices are falling, with WTI trading at $80.74 and Brent at $82.93. Both remain at two-month lows.
