In a post on Truth Social, President Trump announced that he was convening in the «Situation Room» to reach «a final determination» regarding the Iran peace agreement. He also declared that the naval blockade of the Strait of Hormuz would be lifted. This development caused WTI crude oil prices to drop by over 2%, falling below $87 per barrel. After starting the day flat, U.S. stocks are now experiencing slight gains, with the Nasdaq up by 0.2%. The cryptocurrency market is also reacting positively, with bitcoin (BTC) climbing approximately $1,000 from its morning lows to $73,500.

SoFi Sees 7% Surge Following Stablecoin Launch to 15 Million Users

Shares of SoFi (SOFI) increased by 7% on Friday as investors responded to the company’s introduction of a dollar-backed stablecoin, placing the digital bank at the forefront of a growing movement among traditional financial institutions to adopt blockchain-based payment systems. Earlier this week, the company revealed that it launched SoFiUSD for 15 million users of its banking app, making it the first national bank in the U.S. to offer a stablecoin directly to retail customers on a public blockchain. The stock has risen 15% over the past week, trading at $18.01 at the time of writing, although it remains 34% lower since the beginning of the year.

The latest proposed peace deal in the Middle East appears to have more momentum than the many that have come before it. Stocks continue to rise, bond yields are decreasing, and oil prices have dipped back to near a three-month low. However, no news has succeeded in boosting cryptocurrency prices.

Bitcoin (BTC) has retreated to $72,500 in morning trading in the U.S., down about 0.5% in the last 24 hours and 5.5% over the past week. Other major cryptocurrencies are seeing similar declines. Bitcoin started May at around $77,000, so unless there is a significant rally in the next 60 hours, BTC will end the month in the negative, breaking a two-month winning streak.