Bitcoin’s downward trend, which started after it failed to break $82,000 on Thursday, continued to worsen over the last 12 hours. The price dropped further, reaching a new low for the past several weeks at $76,650 (according to Bitstamp).
The main reason for this downturn was the recent escalation of threats made by US President Donald Trump against Iran. Even positive news about a potential agreement between the US and China wasn’t enough to prevent Bitcoin’s price from falling.
New Threats
The current ceasefire between the two sides has been in place for several weeks, but talks to achieve a lasting peace agreement haven’t moved forward. The Trump administration has rejected every peace proposal put forward by Iran, with the most recent one described as completely unacceptable.
Recently, Trump suggested the current ceasefire is extremely fragile and signaled a return to focusing on war following his trip to Beijing. In a new post on Truth Social, he warned Iran that time is running out, urging them to act quickly or face severe consequences. He emphasized the urgency of the situation, stating that “TIME IS OF THE ESSENCE.”
Just hours after the Times of Israel reported a Sunday meeting between Donald Trump and Israeli Prime Minister Benjamin Netanyahu to discuss the ongoing war, this message was released.
Bitcoin briefly dropped below $76,700, a level it hadn’t seen since the beginning of the month, following a calm Sunday. This decline triggered significant liquidations, exceeding $660 million in a single day, with over $610 million occurring within just one or two hours as the price fell. Overall, Bitcoin has lost more than $5,000 in value since reaching a high of $82,000 on Thursday evening.
US-China Deal
Following Donald Trump’s trip to Beijing, the US and China released conflicting reports about whether any agreements had been made. Recent reports, as highlighted by The Kobeissi Letter, suggest China did agree to several US requests. These include an initial purchase of 200 Boeing planes made in the US for its airlines, and a commitment to buy at least $17 billion worth of American farm products each year from 2026 to 2028.
Despite these events, the crypto market hasn’t seen any positive changes. However, we anticipate more price swings later this week because of four key factors.
The White House just announced several new and updated trade agreements between the United States and China after a meeting between President Trump and China’s President Xi.
Details include:
China has stated it will work with the US to resolve worries about potential shortages in the supply of rare earth minerals and other essential materials.
— The Kobeissi Letter (@KobeissiLetter) May 18, 2026
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2026-05-18 09:17