Bitcoin Firms Above $77K as Markets Track Iran

Key Moments

Bitcoin Holds Gains as Geopolitical Risks and Yields Compete

Bitcoin edged higher on Wednesday, trading just above $77,000 as market participants assessed signs of progress in U.S.-Iran peace discussions while also contending with higher U.S. Treasury yields and caution surrounding Nvidia’s upcoming earnings release.

The world’s largest cryptocurrency was last quoted 0.4% higher at $77,127.4 by 09:56 ET (13:56 GMT). The move followed a brief dip toward $76,000 at the start of the week, after the token lost steam subsequent to touching levels above $82,000 last week.

U.S.-Iran Diplomacy Lifts Sentiment, but Risk Appetite Stays Measured

Risk sentiment saw a modest improvement after U.S. President Donald Trump and Vice President JD Vance adopted a more constructive stance on diplomatic efforts with Iran.

Trump said on Tuesday the war with Iran could end “very quickly” if negotiations progress, while also revealing he had been “an hour away” from authorizing another strike before delaying military action to allow more time for diplomacy.

Vance said Washington and Tehran had made progress in ongoing talks and added the U.S. remained “locked and loaded” if negotiations fail.

Crude benchmarks softened slightly on expectations that tensions could ease, with Brent crude slipping but staying above $110 per barrel. Analysts noted that any significant pullback in oil prices could help alleviate inflation concerns that have weighed on cryptocurrencies and technology shares.

Bitcoin has found it difficult to rebuild upside momentum after its sharp retreat from last week’s highs above $82,000. Earlier gains, driven by optimism around institutional interest and a more crypto-supportive regulatory backdrop in the U.S., have recently been overshadowed by climbing global bond yields and persistent worries over inflation.

Rising Yields and Nvidia Earnings Temper Crypto Enthusiasm

The macro backdrop turned less favorable for high-risk assets as U.S. government bond yields pushed higher. The benchmark 10-year Treasury yield advanced to 4.687%, its highest level since January 2025, while the 30-year yield rose to 5.198%, a level last seen in 2007. These moves typically draw capital away from speculative assets such as cryptocurrencies by increasing the relative attractiveness of lower-risk, income-generating instruments.

At the same time, many investors refrained from taking large positions ahead of Nvidia’s quarterly results due later on Wednesday. The chipmaker’s report is viewed as a pivotal gauge for the strength of the artificial intelligence-led rally that has underpinned broader market sentiment this year.

European Banks Deepen Push Into Euro-Pegged Stablecoin

In Europe, a banking consortium advancing plans for a euro-backed cryptocurrency reported a major expansion of its membership. The group, which intends to roll out a euro-pegged digital asset later this year, said on Wednesday it had added 25 new institutions, lifting total participation to 37 financial entities across 15 countries.

The initiative is organized under an Amsterdam-based company named Qivalis, formed last year. The consortium now includes ING, BNP Paribas, BBVA, ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken and Nordea among its members.

The project is framed as a regional response to the dominance of U.S. players in digital payments and as a way for European institutions to help shape a potential future in which instruments such as bonds and real estate are tokenized and traded on blockchain networks.

“The euro is Europe’s currency, and on-chain financial infrastructure should carry it — built by European institutions and governed by European rules,” Qivalis CEO Jan-Oliver Sell said.

Altcoins Trade in Narrow Ranges

Outside of Bitcoin, major altcoins showed limited movement on Wednesday, with most tokens confined to tight intraday ranges.

Ethereum, the second-largest cryptocurrency by market capitalization, was unchanged at $2,118.45.

XRP, the third-largest cryptocurrency, slipped 1% to $1.3628.

Solana and Cardano moved lower by 0.3% and 0.7%, respectively, while Polygon declined 0.9%.

Among meme-linked tokens, Dogecoin fell 0.8%.