The world’s largest cryptocurrency was last down 0.1% to $76,697.1
Bitcoin on Sunday gave up earlier gains to tick slightly lower, as a boost to Iran-U.S. peace deal hopes was offset by sustained outflows from crypto-linked exchange-traded funds and a continued pullback following a legislative breakthrough nearly two weeks ago.
The world’s largest cryptocurrency was last down 0.1% to $76,697.1 by 21:23 GMT. It hit a session high earlier at $77,349.7.
Iran and the U.S. have been locked in a protracted ceasefire for over a month as both parties and mediators in the Gulf hammer out an agreement. Key sticking points between the warring nations have been the reopening and overseeing of the critical Strait of Hormuz and Tehran’s nuclear ambitions.
Media reports from both Saturday and Sunday laid out some of the details of the agreement, including an extension of the current ceasefire between Tehran and Washington by 60 days, a reopening of the critical Strait of Hormuz to commercial shipping, and the allowing of Iran to resume unrestricted oil exports.
Bitcoin on Saturday had plunged a session low below $75,000. However, the advance ran out of steam on Sunday, as cryptocurrencies remain under pressure amid outflows from exchange-traded funds and an extended pullback.
Market participants are closely watching fund flows and trading activity for signs of renewed investor interest following recent volatility.
Bitcoin was also weighed down this week by an international bond sell-off driven by traders raising their expectations for interest rate hikes by central banks across the world in order to combat the emerging inflationary shock from surging oil prices. Higher rate environments tend to bode poorly for cryptocurrencies.
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