As of 8 a.m. on May 8, Bitcoin was trading at $79,899, down 1.73% from the previous day, according to CoinMarketCap. The cryptocurrency briefly surpassed $82,000 on May 6 amid optimism for a U.S.-Iran agreement but has since declined.
Major altcoins also experienced losses, with Solana (SOL) down 1.09% at $88.08, Ripple (XRP) falling 2.62% to $1.38, and Ethereum dropping 2.54% to $2,286.
Market analysts attribute the decline to a slowdown in U.S.-Iran peace talks, dampening investor sentiment towards risk assets.
According to Yonhap News, on May 7, U.S. forces struck Iranian military facilities in the Strait of Hormuz in self-defense against Iranian attacks. The resumption of hostilities between U.S. and Iranian forces has heightened military tensions just a day after negotiations were mentioned.
Meanwhile, on the domestic exchange Bithumb, Bitcoin was trading at approximately 117.91 million won ($80,871), a decrease of 0.11%. The so-called 'Kimchi premium' stood at 1.28%, indicating that domestic prices are higher than international rates.
* This article has been translated by AI.
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