Bitcoin drops below $80k

The world’s largest crypto surged almost 12% in April, benefiting from a mix of bargain buying and markets holding out for more de-escalation in the Iran war

Bitcoin slid on Thursday, retreating from over a three-month high and dropping below $80k, following renewed tensions between Iran and the U.S. and after top corporate holder Strategy flagged plans to potentially trim its holdings.

At 21:36 GMT, Bitcoin was down 2% to $79,902.5. The world’s largest crypto surged almost 12% in April, benefiting from a mix of bargain buying and markets holding out for more de-escalation in the Iran war.

Recent headlines have furthered Bitcoin’s rally in early-May, especially as both Iran and the U.S. said that negotiations were going well. A host of reports said that the two were also nearing a deal over a new memorandum of understanding proposed by mediators – a notion that sparked strong gains in risk-driven markets this week.

However, mixed messaging from Iran on Thursday about the new proposal weighed on risk sentiment.

Bitcoin’s surge also cooled after hitting over a three-month high following top corporate holder Strategy’s announcement that it was considering selling some of its holdings.

Meanwhile, Kraken’s parent company Payward has agreed to buy Hong Kong-based Reap Technologies for $600 million.

Reap offers stablecoin-based payment services for cross-border and business transactions, bridging conventional financial systems with digital assets to facilitate international money flows.

The deal comes shortly after Payward closed its purchase of Bitnomial, a CFTC-licensed derivatives exchange, for up to $550 million, signalling an accelerating push by the crypto firm to broaden its product and geographic reach.

The acquisition will be funded through a mix of cash and stock, with Payward issuing shares at a $20 billion valuation, co-chief executive Arjun Sethi told Bloomberg.