Українська
Русский
English
Bitcoin recovers toward $74K amid hopes for Iran truce
Bitcoin recovered to the $74,000 level on Friday after falling to an almost seven-week low in the previous session, as reports that the United States and Iran are close to extending a ceasefire agreement improved appetite for risk assets.
The world’s largest cryptocurrency rose 0.8% to $73,736.6 as of 06:17 GMT.
In the previous session, Bitcoin fell to around $72,500 and was down about 4% for the week. Its monthly decline was also around 4%.
US and Iran close to extending truce
Investor sentiment improved after reports that Washington and Tehran had agreed in principle to extend a 60-day truce and ease restrictions on shipping through the Strait of Hormuz, although the proposal is still awaiting final approval from US President Donald Trump.
Lower tensions in the Middle East supported global stock markets and put pressure on oil prices, encouraging traders to return to riskier assets, including cryptocurrencies.
Bitcoin had earlier come under pressure after new US military strikes on Iran-linked targets triggered a flight into traditional safe-haven assets.
Market participants were also digesting US inflation data released on Thursday, which strengthened expectations that the Federal Reserve could keep interest rates high for an extended period.
The Personal Consumption Expenditures (PCE) price index — the Fed’s preferred inflation gauge — rose 3.8% year-on-year in April, showing the fastest pace of growth in about three years.
Expectations that interest rates will remain high for longer have weighed on cryptocurrencies this year, reducing demand for speculative assets.
Despite Friday’s recovery, Bitcoin remains well below its May peak above $82,000 and is heading for a monthly decline, as institutional investors continue to pull money from spot Bitcoin ETFs.
According to analytics services, outflows from crypto ETFs over the past two weeks have exceeded $2.5 billion amid rising geopolitical uncertainty.
Crypto market today: altcoins recover slightly
Most altcoins rose on Friday after a sharp decline in the previous session.
Ethereum, the second-largest cryptocurrency by market capitalization, rose 1.6% to $2,014.92.
XRP, the world’s third-largest cryptocurrency, gained 2.3% and reached $1.32.
Solana and Polygon each rose 1%, while Cardano added 2.6%.
Among meme tokens, Dogecoin rose 1.7%.
See also: "Crypto Faces Nearly $1 Billion In Liquidations As Bitcoin, Ethereum Crash"
