Crypto markets are trading in the red on August 3, with Bitcoin slipping below the $63,000 mark and Ethereum struggling to hold $1,800. The downturn comes even as reports emerge of potential US-Iran peace talks that could ease geopolitical tensions — a development that might normally buoy risk assets.
Bitcoin loses $63k support
Bitcoin fell under $63,000 during the morning session, extending a week-long slide. The move lower comes after a period of relative calm, and traders are now watching whether BTC can find a floor near $60,000. The dip has been broad-based, with most major coins trading in the red.
Ethereum defends $1,800
Ether is hovering just above the $1,800 support level, a price point that has held multiple times over the past month. A break below that could open the door to further losses, but for now buyers are stepping in around that mark. The broader altcoin market is feeling the pressure as well.
Pi Network and Uniswap lead the losses
Pi Network (PI) and Uniswap (UNI) are the biggest decliners among the top tokens, each falling roughly 3.89% in the last 24 hours. The exact percentage is ambiguous in the data, but both are clearly underperforming the broader market. No specific catalyst has been identified for the pair's underperformance.
Peace talks fail to lift sentiment
Reports of upcoming US-Iran peace talks would normally be seen as a positive for risk assets, reducing the chance of a broader conflict. But the crypto market is shrugging off the news for now. Some traders may be focused on other macro factors, or the talks may be seen as too early-stage to move prices.
The next few days will show whether the dip is a buying opportunity or the start of a deeper correction. All eyes are on Bitcoin's ability to reclaim $63,000 and Ethereum's hold of $1,800.
