Bitcoin rose 0.8% to $73,736 on Friday after sliding to a near seven-week low the day before. Reports that the US and Iran were close to extending a ceasefire agreement pushed traders back into riskier assets.
The pair had reportedly agreed in principle to extend a 60-day ceasefire and ease restrictions on shipping through the Strait of Hormuz. The deal still awaits final approval from President Trump.
The previous session had seen Bitcoin fall sharply after fresh US military strikes on Iranian-linked targets sent investors toward safe havens. Friday’s reports of a potential truce reversed that mood.
Easing Middle East tensions also pushed oil prices lower. That helped lift global equities alongside crypto markets.
BREAKING: Iran says the Trump administration is now desperately "requesting an agreement multiple times a day through various channels," to unilaterally claim a deal has been agreed, with Iran rejecting each of these requests, saying it will not respond until Iran's terms and…
— The Hormuz Letter (@HormuzLetter) May 29, 2026
Despite the Friday rebound, Bitcoin is still down around 4% for the week and on track for a 4% monthly loss. It remains well below its May peak above $82,000.
Institutional investors have been pulling money from spot Bitcoin ETFs. Outflows from crypto ETFs topped $2.5 billion over the past two weeks.
US inflation data released Thursday added to the headwinds. The personal consumption expenditures index rose 3.8% year-on-year in April, its fastest pace in about three years.
That reading reinforced expectations that the Federal Reserve may keep interest rates higher for longer. Elevated rates tend to reduce demand for speculative assets like crypto.
Most altcoins recovered on Friday after sharp declines the previous session. Ethereum rose 1.6% to $2,014.92.
XRP gained 2.3% to reach $1.32. Cardano climbed 2.6%, while Solana and Polygon each added around 1%.
Dogecoin rose 1.7% among meme tokens.
US stock futures edged up 0.1% across the Dow, S&P 500, and Nasdaq 100. Wall Street was also watching Dell’s after-hours earnings report.
Dell reported results well above expectations. Its stock jumped close to 40% after the bell.
The company gave an upbeat outlook, pointing to continued demand for its servers driven by the AI data center build-out. Those servers run on Nvidia chips.
The S&P 500 and Nasdaq each touched record highs during the session. It was the third consecutive record close for both indexes this week.
Markets are waiting for an official update on US-Iran negotiations. An announcement remains pending even as reports say a deal has reached Trump’s desk.
The post Daily Market Update: Bitcoin Rebounds Near $74K as Iran Ceasefire Hopes Lift Crypto and Stocks appeared first on CoinCentral.
