Bitcoin Falls Below $72,000 as US-Iran Talks Fail to Yield Deal

Bitcoin fell below $72,000.

As of 10:52 a.m. Korea time on May 12, Bitcoin was trading at $71,571.45, down 1.97% from a day earlier, according to CoinMarketCap. On Upbit's won market, it traded at 106.628 million won, down 1.8%.

Major altcoins also moved lower. Ethereum traded at $2,217.59 on CoinMarketCap, down 1.27% from a day earlier, while XRP fell 1.68% to $1.33.

The decline was attributed to failed talks between the US and Iran. In a speech in Islamabad, Pakistan, on May 12, US Vice President JD Vance said the two sides failed to reach an agreement despite 21 hours of talks and that Iran had decided not to accept US conditions.

Vance added that the talks had shortcomings and that progress in the negotiations was limited. He also stressed the need for clear confirmation that Iran would not pursue nuclear weapons.