Investing.com– Bitcoin was headed for weekly losses on Friday, as some uncertainty over U.S.-Iran peace talks and rising interest rates kept markets largely averse towards cryptocurrencies.
fell 1.7% to $62,835.6 by 09:36 ET (13:36 GMT) and was set to lose 1.2% over the past one-week period.
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The world’s largest crypto reversed a short-lived recovery after hawkish signals from the Federal Reserve dented appetite for risk-driven, speculative assets. Most altcoins were also battered by this notion.
Institutional investors dumped spot Bitcoin exchange-traded funds for a sixth consecutive week. While the pace of capital outflows was seen slowing from recent weeks, it still pointed to waning investor interest in crypto, especially as investors sought more high-flying artificial intelligence stocks with clearer fundamentals.
U.S., Iran cancel Switzerland talks
Talks between the U.S. and Iran were set to take place on Friday but have been called off, Switzerland said.
Iranian media reported that Tehran had not sent a delegation to Switzerland 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.
This came even as the U.S. and Iran signed a 14-point memorandum of understanding to end hostilities and reopen the Strait of Hormuz. Friday’s talks were set to be the first in a 60-day period of talks over Iran’s nuclear ambitions.
The delay in talks sparked uncertainty over whether the U.S.-Iran peace deal will hold, especially amid continued resistance from Israel.
Still, the U.S. was seen lifting its naval blockade against Iran, while oil flows through the Strait of Hormuz have also shown signs of recovery.
Meanwhile, U.S.-aligned Israel and Iran-backed Hezbollah militants in Lebanon have agreed to enter a ceasefire starting at 13:00 GMT on Friday, Reuters reported.
Crypto price today: Altcoins head for muted week
Broader crypto prices retreated and were set for a subdued weekly performance.
fell 1.7% to $62,835.6 by 09:36 ET (13:36 GMT) and was set to lose 1.2% over the past one-week period.
World no.2 crypto fell 2.4% to $1,693.23, while declined 2.3%.
, , and fell between 2% and 4%.
Among memecoins, fell 1.4%, while edged up 0.4%.
(Scott Kanowsky contributed reporting)
