Bitcoin pinned below $73,000 despite potential U.S.-Iran deal news

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin pinned below $73,000 despite potential U.S.-Iran deal news U.S. stocks and bonds, and the oil market are reacting positively to yet another purported peace agreement, but crypto markets remain under heavy pressure. By Krisztian Sandor , Helene Braun | Edited by Stephen Alpher May 28, 2026, 3:10 p.m. 2 min read Make preferred on Donald Trump points at the audience during a press conference at the White House. (Alex Wong/Getty Images) Axios reported that U.S. and Iranian negotiators reached a draft 60-day memorandum of understanding to extend the ceasefire and begin talks around Iran's nuclear program, though President Donald Trump has yet to approve the agreement. The report followed overnight U.S. airstrikes on an Iranian military site near the Strait of Hormuz, the critical energy shipping route that has dominated macro traders' attention over the past months. Though traders at this point have lost count of the number of imminent Middle East peace deals, they nevertheless bid stocks and bonds higher and oil lower on the Axios report. In the red earlier in the session, the Nasdaq is now up 0.6%, while WTI crude oil has tumbled below $90 per barrel. Crypto markets, however, remain stuck in the doldrums, with bitcoin BTC $ 72,878.67 failing to hold even the modest of bumps higher, now having sunk back below 73,000, down 2.7% over the past 24 hours. Following the Axios story, Treasury Secretary Scott Bessent warned the U.S. would "not tolerate" any attempt to impose tolls on shipping through the Strait of Hormuz, vowing aggressive sanctions against parties involved in disrupting commercial transit through the key waterway. "Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved - directly or indirectly - in facilitating tolls for the Strait and any willing partners will be penalized," he wrote. Fed's preferred inflation gauge hits highest level since 2023 The first inflation report released under Federal Reserve Chair Kevin Warsh showed price pressures strengthened in April, with the Fed's preferred inflation gauge, the Personal Consumption Expenditure Index (PCE), rising to its highest level in nearly three years to 3.8% year over year, up from 2.8% in February. "The inflation picture is becoming increasingly uncomfortable for the Fed. This is not just a headline inflation problem: core inflation is moving the wrong way too," said Olu Sonola, head of US economics at Fitch Ratings. "Price pressures are likely to persist over the next few months, and while the Fed cannot fix a supply shock, it cannot ignore one that is feeding into underlying inflation. The Fed is stuck — and the heat is clearly being turned up." Markets Bitcoin News More For You 'Debasement trade’ falls out of favor as inflation fears cool, JPMorgan says By Helene Braun , Will Canny , AI Boost | Edited by Stephen Alpher 1 hour ago Investors are abandoning bitcoin and gold, perhaps sensing a coming end to Middle East hostilities. What to know : JPMorgan says the pandemic-era “debasement trade,” centered on bitcoin and then gold, is cooling, with recent outflows from bitcoin and gold ETFs and reduced institutional futures positions reflecting a broader pullback from macro hedges. The bank's report suggested investors may be getting ahead of a U.S.-Iran peace deal. Read full story Latest Crypto News A blockchain lottery plans to turn crypto gambling fees into Ethereum developer funding 11 minutes ago Crypto Long & Short: Asia’s regulated crypto future 11 minutes ago Disciplined AI agents are the disruptor needed to break the exchange churn model 57 minutes ago Gemini taps SpaceXAI to build a personalized prediction markets feed 1 hour ago 'Debasement trade’ falls out of favor as inflation fears cool, JPMorgan says 1 hour ago Asset manager Grayscale delays IPO plans as crypto listing boom loses steam 1 hour ago Top Stories What's next as hot money cycle has gone from crypto to gold to AI to memory 1 hour ago Bitcoin drops below $73,000 as U.S. strikes on Iran spark $1 billion liquidations 10 hours ago White House reviews CFTC prediction-market rule as Trump backs federal control 6 hours ago Samsung units to buy $408 million stake in South Korea’s biggest crypto exchange 4 hours ago Diverging trends: Ether slides below $2,000 while futures open interest hits record high of 16 million ETH 7 hours ago Standard Chartered backs $4,000 ether as retail piles into the sub-$2,000 drop 4 hours ago In this article BTC BTC $ 72,878.67 ◢ 3.09 %