Key Takeaways

• Bitcoin rebounds: The world’s largest crypto rose 0.8% to $73,736.6 after sliding near $72,500 in the previous session.
• Weekly and monthly losses: Bitcoin is still on track for a 4% weekly loss and a 4% monthly decline.
• Ceasefire extension reported: Reports of a 60-day U.S.-Iran ceasefire extension and Hormuz shipping relief drove the recovery.
• Awaiting Trump’s approval: The proposal still needs final sign-off from the president.
• Prior session pressure: Fresh U.S. military strikes on Iranian-linked targets had sent Bitcoin tumbling as investors fled to safe havens.
• PCE inflation weighs: April PCE rose 3.8% year-on-year — its fastest pace in roughly three years — reinforcing higher-for-longer rate bets.
• Rate pressure on crypto: Elevated interest rate expectations continue to reduce demand for speculative assets.
• Still well below May peak: Bitcoin remains far below its $82,000+ high from earlier this month.
• ETF exodus continues: Crypto ETF outflows exceeded $2.5 billion over the past two weeks amid geopolitical uncertainty.
• Altcoins rebound: Ethereum rose 1.6% to $2,014.92, XRP climbed 2.3% to $1.32, Cardano advanced 2.6%, while Solana and Polygon each gained 1%.
• Dogecoin rises: The leading memecoin added 1.7%.

Bitcoin rebounded toward $74,000 on Friday after sliding to a near seven-week low in the previous session, as reports that the United States and Iran were close to extending a ceasefire agreement helped improve appetite for riskier assets.

The world’s largest cryptocurrency rose 0.8% to $73,736.6 by 02:17 ET (06:17 GMT).

Bitcoin fell near $72,500 in the previous session and was headed for a 4% weekly loss. It was also on track for a 4% monthly decline.

U.S. and Iran Reportedly Close to Extending Ceasefire

Investor sentiment improved after reports that Washington and Tehran had agreed in principle to extend a 60-day ceasefire and ease restrictions on shipping through the Strait of Hormuz, although the proposal still awaits final approval from U.S. President Donald Trump.

The easing of Middle East tensions helped lift global equities and pressured oil prices lower, encouraging traders to rotate back into higher-risk assets, including cryptocurrencies.

Bitcoin had come under pressure in the previous session after fresh U.S. military strikes on Iranian-linked targets triggered a rush toward traditional safe havens.

Inflation and Rate Pressures Linger

Market participants were also digesting U.S. inflation data released on Thursday that reinforced expectations the Federal Reserve could keep interest rates elevated for longer.

The personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — rose 3.8% year-on-year in April, marking its fastest pace in roughly three years.

Higher-for-longer interest rate expectations have weighed on cryptocurrencies this year by reducing demand for speculative assets.

Despite Friday’s rebound, Bitcoin remains well below its May peak above $82,000 and is on track for a monthly decline as institutional investors continue pulling funds from spot Bitcoin ETFs.

Data compiled by market trackers showed crypto ETF outflows exceeded $2.5 billion over the past two weeks amid heightened geopolitical uncertainty.

Crypto Price Today: Altcoins Rebound Slightly

Most altcoins rose on Friday after sharp declines in the previous session.

Ethereum, the world’s second-largest cryptocurrency, rose 1.6% to $2,014.92.

XRP, ranked third globally, climbed 2.3% to $1.32.

Solana and Polygon rose 1% each, while Cardano advanced 2.6%.

Among meme tokens, Dogecoin rose 1.7%.