By 17:23 ET (21:23 GMT) on Sunday, Bitcoin was down 0.1% at $76,697.1, after earlier touching a session high of $77,349.7. The world\u2019s largest cryptocurrency had fallen below $75,000 on Saturday, before rebounding on comments from President Donald Trump that a memorandum of understanding on a peace deal between Washington and Tehran had been \u201clargely negotiated.\u201d<\/p>\n
On Sunday, Trump said he had instructed U.S. negotiators \u201cnot to rush into a deal\u201d with Iran and emphasized that the agreement had not \u201ceven\u201d been \u201cfully negotiated yet.\u201d Media reports over the weekend outlined potential elements of an agreement, including a 60-day extension of the current ceasefire, reopening of the Strait of Hormuz to commercial shipping, and a resumption of unrestricted Iranian oil exports. Trump reiterated that he would not accept any deal that allows Iran to obtain a nuclear weapon.<\/p>\n
The cryptocurrency\u2019s advance stalled as selling pressure persisted, driven by sustained outflows from crypto-linked exchange-traded funds and an ongoing pullback that followed a U.S. Senate legislative breakthrough on May 14. Market participants are monitoring fund flows and trading activity for indications of renewed investor interest after recent volatility.<\/p>\n
Bitcoin also faced headwinds from a global bond sell-off, as traders raised expectations that central banks will increase interest rates in response to an inflationary shock from surging oil prices. Higher interest rate environments typically weigh on demand for risk-sensitive assets, including cryptocurrencies. Attention is turning to upcoming economic data and Federal Reserve policy signals, as traders assess the implications for crypto markets.<\/p>\n
Altcoins traded mostly lower alongside Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, slipped 0.9% to $2,097.32. XRP, the third-largest, declined 1.1% to $1.3445. Solana and Cardano fell 1.6% and 2.3%, respectively. Among meme tokens, Dogecoin was down 1.6%.<\/p>\n
How did Bitcoin trade on Sunday?<\/strong> What role did U.S.-Iran peace deal developments play in Bitcoin\u2019s moves?<\/strong> What other factors weighed on cryptocurrencies?<\/strong> How did major altcoins perform?<\/strong>
Bitcoin was last down 0.1% at $76,697.1 by 17:23 ET (21:23 GMT), after reaching an intraday high of $77,349.7.<\/p>\n
Bitcoin initially rebounded after President Donald Trump said a memorandum of understanding on a peace deal was \u201clargely negotiated,\u201d but gains faded on Sunday after he stressed that negotiators should not rush and that the agreement was not yet fully negotiated.<\/p>\n
Sustained outflows from crypto-linked exchange-traded funds, a continued pullback following a U.S. Senate legislative breakthrough on May 14, and a global bond sell-off linked to rising interest rate expectations all contributed to pressure on cryptocurrencies.<\/p>\n
Ethereum fell 0.9% to $2,097.32, XRP dropped 1.1% to $1.3445, Solana and Cardano declined 1.6% and 2.3%, respectively, and Dogecoin was down 1.6%.<\/p>\n