"Bitcoin fell below $80,000 on May 12 as Trump warned that the U.S.-Iran ceasefire is on life support. A 1.6% drop in crypto prices wiped out $232 million in long bets as bitcoin's market cap fell to $1.61 trillion. Markets await the PPI report to see if 3.8% inflation will force further energy price pressure."
"Bitcoin briefly dipped below $80,000 on Tuesday as global markets reacted to President Donald Trump's Iran ceasefire warning and the latest U.S. inflation data. After testing the $82,000 mark Monday afternoon, the top cryptocurrency showed signs of weakness, plummeting to $80,900. Although bitcoin quickly rebounded to trade above $81,000 in the early hours of Tuesday, it could not hold the level and slipped below the threshold again around 4 a.m. EDT."
"Speaking to reporters shortly after receiving Iran's proposal, which he deemed unacceptable, President Trump repeated the argument that Tehran is stringing the U.S. along and seems uninterested in reaching an agreement. This latest impasse in negotiations is seen as strengthening hawks in Washington who favor a return to full combat operations. However, a return to combat would ensure the Strait of Hormuz, where traffic has slowed to a trickle since the conflict began, remains closed."
Bitcoin fell below $80,000 on May 12 after testing $82,000 the prior afternoon and failing to hold above $81,000. The move followed President Donald Trump’s warning that the U.S.-Iran ceasefire is on life support and that Iran is stringing the U.S. along. The 1.6% decline over 24 hours reduced bitcoin’s market capitalization to about $1.61 trillion and wiped out $232 million in long bets. Markets also reacted to the latest U.S. inflation data and awaited the PPI report to gauge whether 3.8% inflation could add pressure to energy prices. Negotiation setbacks were seen as strengthening hawkish views in Washington.
Read at news.bitcoin.com
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