Despite record highs in global stock markets and a drop in oil prices, cryptocurrencies like Bitcoin and Ether have shown minimal movement, with analysts suggesting that upcoming regulatory developments may serve as the next market trigger.
By Shaurya Malwa May 29, 2026, 4:41 a.m. 2 min readMake preferred onKey Points:
- Bitcoin and other major cryptocurrencies experienced declines of approximately 5% to 7% over the past week, despite global stock indices reaching all-time highs and a decrease in oil prices.
- A tentative 60-day extension of the U.S.-Iran ceasefire has negatively impacted Brent crude, marking its worst month since March 2020, but has not led to a significant rally in the crypto market.
- Market analysts indicate that Bitcoin's drop below critical moving averages, reduced demand for spot ETFs, and the focus on pending U.S. cryptocurrency regulations have resulted in a lack of immediate catalysts for the market.
With global stocks achieving record levels and oil prices hitting multi-month lows, Bitcoin BTC$73,379.20 has remained relatively stable.
The leading cryptocurrency is currently trading around $73,000, having dropped nearly 6% in the past week, as institutional investors await clarity on U.S. regulations rather than reacting to macroeconomic news.
Ether (ETH) is trading slightly below $2,000, down 6.4% weekly, despite a slight increase of 1.2% in the last day. Other cryptocurrencies such as Solana (SOL), XRP, and DOGE$0.09890 have also seen losses between 4.9% and 6.7% over the past week, although they experienced minor gains in the last 24 hours, as reported by CoinDesk's price page. In contrast, Hyperliquid's HYPE saw a 5.8% increase this week.
On the macroeconomic front, the MSCI All Country World Index, which tracks global equities, rose by 0.3% to an all-time high, while Asian stocks surged by 2% to reach a new record, according to Bloomberg.
Brent crude oil prices fell by 0.5% to around $93 per barrel and have dropped over 18% this month, marking its worst performance since March 2020. This decline follows a tentative agreement to extend the U.S.-Iran ceasefire by 60 days and to resume discussions regarding Tehran's nuclear program.
However, the agreement still requires approval from President Donald Trump, and Iran's Tasnim news agency reported that the memorandum of understanding is still pending finalization.
Typically, such developments would favor a crypto rally, but this time the market did not respond positively.
Javier Martinez, CEO of sFOX, noted in an email that the market had already anticipated a relief rally from the ceasefire news, which dissipated when Bitcoin failed to gain momentum. He emphasized that institutional investors are now focusing less on developments from Tehran and more on legislative matters in Washington, particularly regarding U.S. cryptocurrency market structure, like the CLARITY Act. "They're looking for regulatory confirmation rather than just improvements in macro conditions," Martinez stated.
FxPro analysts mentioned that Bitcoin has slipped below its 50-day moving average, and the longer-term 200-day average is also trending down, a pattern that typically indicates broader market weakness. They stated, "The time for a long-term bull market has not yet arrived."
Earlier this week, Swissblock reported that Bitcoin has entered a "high-risk zone" due to selling pressure and a diminishing interest in spot Bitcoin ETFs, which were significant drivers of the 2024-2025 rally. The combination of weaker ETF demand and a market that no longer reacts to Iranian headlines has left cryptocurrencies without a clear short-term catalyst.
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Key Points:
- Bitcoin is currently trading around $73,500, which is approximately 10% lower than its recent highs, with on-chain data indicating record long-term holder supply that may suggest weak market activity instead of strong conviction.
- CryptoQuant found that short-term holder supply has decreased by about 2.2 million BTC since December, indicating that more coins are simply...