India, April 9 -- The pause in the US-Iran conflict on April 8 has triggered a coordinated repricing across global markets. The sequence is visible in the data. Brent crude fell to $91.7-$94.4 per barrel, thereby marking a one-day decline of about 14-16%. The US dollar index declined by about 1.0-1.1% to around 98.8. This was its lowest level in four weeks. US equities moved in tandem as the S&P 500 and the Nasdaq rose about 2.4% 2.9%, respectively.

Bitcoin has followed this macro adjustment rather than leading it. Prices moved to roughly $71,575-$71,927 on the day. This was a gain of about 4.5-4.8%. The alignment seems to be very direct. Oil has eased, the dollar has weakened, and risk assets have repriced higher.

The transmission in t...