What You Need to Know:

• Bitcoin is stabilizing above $100,000 as the initial volatility caused by U.S. strikes on Iran decreases.
• Crude oil prices are near $76 per barrel, amidst fears regarding Iran’s possible closure of the Strait of Hormuz.

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Good Morning, Asia

As the trading week awakens, Bitcoin (BTC) is currently trading above $100,500, showing resilience following the reports about U.S. military actions against Iran’s nuclear sites. This volatility has now begun to settle.

Market Overview

Markets are showing signs of stability, with equity futures remaining flat and gold prices marginally increasing. This indicates a hesitance among traders to react too strongly to the geopolitical tensions.

Crude oil has regained its previous levels, still around $76 after a spike influenced by fears of Iranian actions affecting global oil supplies. There’s an expectation that immediate conflict escalation will be avoided. In the cryptocurrency sector, altcoins like Ethereum (ETH), XRP, and SOL are bouncing back from recent declines.

OKX’s U.S. IPO Plans

Crypto exchange OKX is reportedly exploring a public listing in the United States. Earlier this year, the exchange expanded into the U.S. market after resolving legal claims concerning its operations without a necessary license.

Polymarket Trends

Bettors on Polymarket are now less certain about further U.S. military strikes against Iran, with confidence dropping from 74% to 54% regarding a second strike by the end of June.

Market Movements

• BTC: Jumped to $101,419 after experiencing a 4.5% intraday volatility.
• ETH: Dropped by 2.3% to $2,237.
• Gold: Analysts predict a rise towards $4,000 per ounce.
• Nikkei 225 saw a dip of 0.56% due to the geopolitical concerns.

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Elsewhere in Crypto

• Texas Governor Greg Abbott has signed a Bitcoin reserve bill into law.
• Insights regarding potential crypto IPOs following Circle’s recent actions.