Following progress on the road map for the final peace agreement, oil prices fell and Asian stock markets strengthened, but the encrypted market did not rebound simultaneously. Bitcoin continued to hover around $64,000 at the beginning of the week, with overall performance lagging behind other risk assets.
Bitcoin's weak in weeks.
The CoinDesk data show that Bitcoin reported an estimated $63,996, 24 hours down by 0.4 per cent, and the past week down by 2.2 per cent. It's almost flat, about US$1,733.
Mainstream currency movements. Solana rose 3.7 to 74 dollars within a week and Tron rose 2.2 per cent. BNB dropped 4.2 per cent in the week, XRP dropped 4.3 per cent to $1.13, and the dog currency dropped most, 6.5 per cent in the week. At the beginning of the month, the hype, which had a remarkable performance, fell by 5 per cent that day and the weekly increase narrowed to 1.9 per cent.
Oil prices fall, Asian stock markets rise
Market risk preferences have improved. The United States and Iran agreed to move forward on a 60-day road map with the goal of reaching a final peace agreement. As a result, Brent crude oil fell by 1.7 per cent to approximately $79 per barrel.
The Asian stock market followed. The Asian stock index rose by 0.6 per cent, the technology stock rose, and market sentiment was underpinned by positive expectations of artificial intelligence. In contrast, the United States stock indicated weak futures performance, with a 0.5 per cent drop in the 500 index futures.
According to the joint statement of Qatar and Pakistan, cited by Bloomberg, the negotiations have made positive progress and the parties have established a follow-up technical consultation mechanism and established channels of communication to secure the safe passage of commercial vessels in the Strait of Hormuz.
The encryption market has not returned to the risk preference
However, this progress remains precarious. The negotiations were repeated on Sunday. Iran suspended consultations for a short time because the President of the United States, Trump, once again stated that the United States could strike if Hizbullah continued to attack Israel. Since then, the parties have renewed their agreement to establish channels of communication in order to avoid escalation.
In the context of previous developments in Iran, bitcoin is usually associated with high-risk assets. At the beginning of the week, however, the Asian stock market had rebounded, and bitcoin had maintained its crossboard, showing that the encrypted market had not re-entered a more explicit risk preference.
Next, the market will continue to focus on the sustainability of the road map. If the situation is further eased, whether or not encrypted assets are back on the stock market will be the focus of short-line observations.