Bitcoin, ether little-changed despite record stocks, falling oil and easing war fears
Global stocks hit records and oil cracked on a tentative US-Iran ceasefire extension. Crypto stayed on the sidelines, with some analysts saying the next catalyst is regulatory, not geopolitical.
What to know:
- Bitcoin and major cryptocurrencies fell about 5% to 7% over the past week even as global stock indexes hit record highs and oil prices slumped.
- A tentative 60-day extension of the U.S.-Iran ceasefire pressured Brent crude to its worst month since March 2020 but failed to spark a sustained crypto rally.
- Analysts say bitcoin’s break below key moving averages, softer spot ETF demand and a focus on pending U.S. crypto regulation have left the market without a clear near-term catalyst.
Ether (ETH) traded just under at $2,000, down 6.4% on the week even after a 1.2% bounce on the day, while solana (SOL), XRP and each lost between 4.9% and 6.7% over the past seven days despite small gains in the past 24 hours, according to CoinDesk’s price page. Hyperliquid’s HYPE bucked the trend, up 5.8% on the week.
The macro tape, meanwhile, lit up. The MSCI All Country World Index, the broadest measure of global equities, climbed 0.3% to an all-time high, and Asian stocks rallied 2% to a record of their own, Bloomberg reported.
Brent crude slipped 0.5% to about $93 a barrel and is now down more than 18% in May, its worst month since March 2020, after the U.S. and Iran reached a tentative deal to extend their ceasefire by 60 days and reopen talks on Tehran’s nuclear program.
