According to CoinMarketCap, Bitcoin was trading at $71,265, down 3.60% from the previous day as of 8 a.m.
The decline is attributed to Iran's announcement of a halt in dialogue with the U.S. in protest against Israel's military actions in Lebanon, which has stalled peace talks.
Yonhap News reported that Iranian news outlet Tasnim stated on June 1 that Iran's negotiating team stopped exchanging messages with the U.S. regarding a peace agreement due to Israel's aggression. The Iranian Foreign Ministry also issued a statement blaming the U.S. for Israel's ceasefire violations, suggesting the possibility of retaliation.
Additionally, the recent sale of approximately $2.5 million worth of Bitcoin by the world's largest Bitcoin holder, 'Strategic,' has added downward pressure on prices. This marked the first sale by Strategic in over three years, since December 2022.
Major altcoins also experienced declines. Ethereum, the second-largest by market capitalization, fell 0.53% to $2,000, while Ripple (XRP) dropped 2.80% to $1.29. Solana (SOL) was down 1.45% at $81.22.
The cryptocurrency market sentiment, as indicated by the Fear and Greed Index, showed a fear level of 31. This index ranges from 0, indicating extreme fear, to 100, indicating extreme optimism.
At the same time, on the domestic exchange Bithumb, Bitcoin was trading at approximately 1,004,000 won ($68,907), down 1.13% from the previous day. The 'Kimchi Premium' was recorded at -3.19%, indicating that Bitcoin prices in South Korea are lower than those abroad.
* This article has been translated by AI.
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