Bitcoin edged slightly higher, rising above $77,000 on Wednesday, as investors cautiously assessed signs of progress in peace talks between the U.S. and Iran;
however, rising Treasury yields and caution ahead of Nvidia's earnings report release curbed overall risk appetite.
The world's largest cryptocurrency was last trading 0.4% higher at $77,127.4 as of 16:56 Moscow time.
Earlier this week, Bitcoin dipped to around the $76,000 mark, losing momentum after reaching levels above $82,000 last week.
Traders Assess Prospects for Peace with Iran; Nvidia Earnings Ahead
Market sentiment improved slightly after U.S. President Donald Trump and Vice President J.D. Vance struck a more optimistic tone regarding diplomatic negotiations with Iran.
On Tuesday, Trump stated that a war with Iran could end "very quickly" if negotiations advance; he also revealed that he had been "within an hour" of authorizing another strike but held off on military action to allow more time for diplomacy.
Vance stated that Washington and Tehran have made progress in ongoing talks, adding that the U.S. would remain "ready for a fight" should negotiations fail.
Oil prices edged lower amid hopes for de-escalation; Brent crude declined but remained above $110 per barrel. Analysts noted that any significant drop in oil prices could help alleviate inflationary concerns, which have recently weighed on both cryptocurrencies and technology stocks. Bitcoin is struggling to regain momentum following a sharp retreat from last week's highs above $82,000. The rally—driven by optimism regarding institutional adoption and favorable cryptocurrency regulation in the U.S.—has recently been overshadowed by rising global bond yields and persistent inflationary concerns.
The benchmark yield on 10-year U.S. Treasury notes climbed to 4.687%—its highest level since January 2025—while the yield on 30-year bonds reached 5.198%, levels last seen in 2007. Higher yields typically dampen demand for speculative assets, such as cryptocurrencies, by enhancing the appeal of safer, income-generating investments.
Investors have also been reluctant to place major bets ahead of the release of Nvidia's quarterly earnings report, scheduled for later on Wednesday; this event is viewed as a key test for the AI-driven rally that has bolstered overall market sentiment this year.
European Banks Expand Stablecoin Consortium with 25 New Members
A European banking consortium planning to launch a euro-pegged cryptocurrency later this year has added 25 new members, bringing its total count to 37 financial institutions across 15 countries, the group announced on Wednesday.
The consortium—which established an entity named Qivalis in Amsterdam last year—now includes ING, BNP Paribas, BBVA, ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken, and Nordea. The project positions itself as a European response to U.S. dominance in the digital payments sector and as a means of participating in a potential future market where assets—such as bonds and real estate—are traded as blockchain-based tokens.
"The euro is Europe's currency, and blockchain-based financial infrastructure should utilize it—created by European institutions and governed by European regulations," said Jan-Oliver Sell, CEO of Qivalis.
Cryptocurrency Prices Today: Altcoins Remain Flat
Most altcoins traded within narrow ranges on Wednesday.
Ethereum, the second-largest cryptocurrency, traded unchanged at $2,118.45.
XRP, the third-largest cryptocurrency, declined by 1% to $1.3628.
Solana and Cardano fell by 0.3% and 0.7%, respectively, while Polygon dropped 0.9%.
Among meme tokens, Dogecoin fell by 0.8%.