Bitcoin held near $77,000 early Sunday as easing Middle East tensions drove a broad risk-on rally. The recovery followed a 24-hour dip to $74,277 after oil prices tumbled on de-escalation signals from Washington.
Trump Slows Iran Deal Talks
President Trump told representatives not to rush nuclear negotiations with Iran. He called the talks 'proceeding in an orderly and constructive manner.' Oil had surged past $110 earlier in May amid tensions. It's clear the president's stance directly impacted energy markets this week.
Oil Takes Biggest Hit
Brent crude fell 4.44% to $98.90. West Texas Intermediate dropped 4.61% to $92.10. Gasoline futures slid 4% and heating oil fell 3.2%. Natural gas was steadier, down just 0.61% to $2.88. Traders moved fast once the geopolitical premium started fading.
Asia Leads Risk-Asset Rally
Japan's Nikkei 225 breached 65,000 for the first time. The index's jump mirrored the oil dip and Bitcoin's rebound. It's the clearest sign that global markets tied oil volatility to Middle East risks this month. The timing isn't great for energy firms that bet on sustained high prices.
Crypto Tracks Broader Move
Bitcoin's hold above $77,000 came as risk assets improved across the board. The 24-hour low of $74,277 followed oil's peak above $110. No one expected both to reverse so quickly when the White House spoke. This isn't the first time geopolitics jolted crypto this year.
