Bitcoin slipped on Thursday alongside U.S. equities as investors weighed conflicting accounts regarding Iran leadership’s willingness to negotiate an end to the conflict in the Middle East.
The digital asset recently changed hands around $69,170, a 2.3% decrease over the past day, according to CoinGecko. Bitcoin had dipped closer to $68,000 earlier in the afternoon before ticking back up. Meanwhile, Ethereum had fallen 4.4% to $2,070, while Solana fell 5% to $86. The drops pushed all three cryptocurrencies into negative territory on the week.
Mirroring Wall Street declines, the S&P 500 closed 1.7% lower on the day. The tech-heavy Nasdaq fell more than 2.3%, while the Dow Jones industrial average tumbled 470 points after stocks showed relative strength on Wednesday.
After the stock market closed on Thursday, crypto prices turned higher. Trump said in a Truth Social post that peace talks “are going very well,” while extending a self-imposed deadline on targeting Iranian energy facilities.
Before the opening bell, Trump said in a separate post that Iran’s leadership “better get serious soon” about facilitating an end to nearly four weeks of fighting that has rattled the global economy—before there’s “NO TURNING BACK,” he wrote.
During a cabinet meeting, he later insisted from the White House that Iran’s leadership is “begging to make a deal” that ends the war, not himself. He described himself as “the opposite of desperate,” countering media reports that detailed the opposite.
During the meeting, White House special envoy Steve Witkoff said that the U.S. had presented a 15-point framework for a peace deal that Pakistan conveyed to Iran. On Wednesday, Abbas Arghici, the country’s foreign minister, said there’s “no intention of negotiating for now,” per BBC.
Although Bitcoin remains above $63,200—its lowest price when the war broke out 28 days ago—crypto markets are reflecting geopolitical uncertainty, Aurelie Barthere, principal research analyst at crypto data firm Nansen, told Decrypt. She pointed to Bitcoin derivatives positioning, noting “persistent demand for downside hedging” among market participants.
“On-chain, capital is behaving defensively,” Barthere added. “The clearest inflows are into yield-bearing stablecoins and liquid staking tokens, suggesting investors are prioritizing carry and capital preservation amid macro uncertainty.”
As investors assess whether negotiations progress toward a credible deal framework, Barthere said that geopolitical tensions will likely remain a key driver. On Thursday, Brent crude oil futures jumped 5% to $107 per barrel, paring weekly losses, according to Trading Economics.
On Myriad, a prediction market owned by Decrypt’s parent company Dastan, traders foresaw a 60% chance on Thursday that crude spikes to $120 before hitting $55. This month, they’ve foreseen as much as a 78% chance of crude hitting $120 per barrel first.
Thursday’s dip contrasts with Bitcoin buoyancy to start the week. The digital asset topped $71,000 after Trump said he had instructed the U.S. military to pause planned strikes against Iran’s power plants and energy infrastructure for five days, pending further meetings.
Over the last 24 hours, users on Myriad—a prediction market platform operated by Decrypt‘s parent company, Dastan—have flipped bearish on Bitcoin’s short-term prospects, penciling in a 52% chance that its next stop is $55,000 rather than $84,000.
