Key Takeaways

• Bitcoin fell 2% to $62,687.6, on track for a 2.8% weekly loss.
• Spot Bitcoin ETFs saw a sixth straight week of outflows, though the pace is slowing.
• U.S.-Iran talks in Switzerland were called off after Iran skipped sending a delegation and VP JD Vance withdrew.
• Ether, XRP, Solana, Cardano, and BNB all fell 2%-4%; Dogecoin and $TRUMP also declined.

Bitcoin fell on Friday and was headed for weekly losses as uncertainty over U.S.-Iran peace talks and rising interest rates kept markets largely averse to cryptocurrencies.

Bitcoin fell 2% to $62,687.6 by 01:47 ET (05:47 GMT) and was set to lose 2.8% this week.

The world’s largest crypto reversed a short-lived recovery after hawkish signals from the Federal Reserve battered appetite for risk-driven, speculative assets. Most altcoins were also pressured by the shift in sentiment.

Institutional investors pulled money from spot Bitcoin ETFs for a sixth consecutive week. While the pace of outflows has slowed from recent weeks, it still points to waning investor interest in crypto, as investors increasingly favor high-flying AI stocks with clearer fundamentals.

U.S., Iran call off Switzerland talks

The U.S. and Iran abruptly canceled peace talks that had been set to take place in Switzerland on Friday.

Iranian media reported that Tehran had not sent a delegation for the planned dialogue, while U.S. Vice President JD Vance, who was set to lead the U.S. delegation, also pulled out of the meeting Thursday evening. The talks were formally canceled by Friday morning, Reuters reported, citing Switzerland’s foreign ministry.

The cancellation came even as the U.S. and Iran had signed a 14-point memorandum of understanding to end hostilities and reopen the Strait of Hormuz. Friday’s session was meant to be the first in a 60-day period of talks over Iran’s nuclear program.

The delay stoked uncertainty over whether the broader peace deal will hold, particularly amid continued Israeli military action against Hezbollah and resistance to the agreement. Still, the U.S. was seen lifting its naval blockade against Iran, while oil flows through the Strait of Hormuz were reported to be picking up.

Altcoins head for muted week

Broader crypto prices fell Friday and were set for a subdued weekly performance. Ether, the world’s No. 2 crypto, fell 2.2% to $1,699.71, while XRP dropped 3.2%. Solana, Cardano, and BNB all fell between 2% and 4%.

Among memecoins, Dogecoin fell 2.4%, while $TRUMP declined 0.9%.