Bitcoin remained under pressure on May 28, 2026, failing to rally despite a report of a potential U.S.-Iran peace deal. Axios reported that U.S. and Iranian negotiators had reached a draft 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, though President Trump had yet to approve. The report followed U.S. airstrikes near the Strait of Hormuz. Traditional markets reacted positively, with the Nasdaq rising 0.6% and WTI crude falling below $90 per barrel. However, bitcoin slipped 2.7% in 24 hours to below $73,000. Meanwhile, the Fed's preferred inflation gauge, the PCE index, rose to 3.8% in April, its highest since 2023, intensifying pressure on policymakers. Treasury Secretary Scott Bessent warned against any attempts to impose tolls on shipping through the Strait of Hormuz, threatening sanctions. The macroeconomic backdrop remains challenging for crypto, with persistent inflation and geopolitical uncertainties.

Key facts

• Bitcoin fell 2.7% in 24 hours, slipping below $73,000.
• Axios reported a draft 60-day U.S.-Iran truce over nuclear program; Trump not yet approved.
• Nasdaq rose 0.6% and WTI crude dropped below $90 on the peace deal news.
• Fed's PCE inflation gauge hit 3.8% in April, highest since 2023.
• Treasury Secretary Bessent warned against Strait of Hormuz tolls.

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