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What to know:

Despite positive news – like stock markets hitting record highs, falling oil prices, and a temporary extension of the ceasefire between the U.S. and Iran – Bitcoin prices didn’t really increase.

The leading cryptocurrency is currently trading around $73,000, down almost 6% for the week. Big investors are pausing to see how U.S. regulations will develop, rather than reacting to general economic news.

Ether (ETH) was trading just below $2,000, experiencing a 6.4% decrease over the week, though it saw a slight 1.2% increase on the day. Solana (SOL) and XRP also declined between 4.9% and 6.7% over the last seven days, despite small gains in the last 24 hours, according to CoinDesk. However, Hyperliquid’s HYPE performed differently, rising 5.8% over the week.

Financial markets showed positive momentum. The MSCI All Country World Index, a key indicator of global stock performance, reached a new record high, increasing by 0.3%. According to Bloomberg, Asian stocks also surged, gaining 2% to hit their own record high.

Brent crude oil prices fell 0.5% to around $93 per barrel. This puts the price down over 18% for May, marking the biggest monthly drop since March 2020. The decline follows a preliminary agreement between the U.S. and Iran to extend their ceasefire for 60 days and resume discussions about Iran’s nuclear program.

The agreement isn’t official yet. It still requires approval from President Trump, and Iran’s Tasnim news agency reports that the details are still being worked out.

That setup, in any other tape, prints money for crypto but didn’t this time.

As a researcher following the crypto markets, I observed that the initial positive reaction to the ceasefire news was quickly priced into the market. Javier Martinez, the CEO of sFOX, explained to me that traders closed their positions when Bitcoin didn’t manage to push higher after the news broke, essentially meaning the anticipated rally didn’t materialize.

Investors are now more focused on what’s happening in Washington, D.C., rather than just news coming out of Tehran, according to Martinez. They’re specifically watching for new U.S. laws regarding cryptocurrency, like the CLARITY Act. He explained that they’re holding off until they have clear regulations, not just waiting for the overall economic situation to improve.

According to analysts at FxPro, Bitcoin’s price has dropped below key moving averages, signaling potential further declines. They point out that the 50-day moving average has been breached and the 200-day average is trending downward – a pattern often associated with prolonged weakness. In their assessment, conditions aren’t yet right for a sustained, long-term price increase.

Swissblock recently noted that Bitcoin has entered a risky period due to increased selling and weakening demand for spot Bitcoin ETFs, which were a major force behind its price increase in 2024-2025. With less interest in ETFs and the market becoming less reactive to events like news from Iran, Bitcoin currently lacks a clear catalyst for further gains.

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2026-05-29 07:59