Bitcoin gave up its late-week gains on April 12 after the United States and Iran failed to secure a permanent peace agreement. 

The pullback ended a steady rise that started after both sides announced a two-week ceasefire, and it pushed most major altcoins lower.

Bitcoin rally loses strength after talks fail

Bitcoin started the week with gains after reports said the United States and Iran had opened ceasefire talks. The asset moved from about $67,000 to $70,000 before fresh doubts around the talks brought back volatility.

The price then climbed again after President Donald Trump announced a ceasefire on Tuesday. Bitcoin rose above $72,000 and later moved close to $73,000 as traders responded to easing geopolitical stress and fresh market speculation around the Strait of Hormuz.

Bitcoin kept rising into the weekend as peace talks in Pakistan approached. The asset reached nearly $74,000 late on April 11, extending the recovery that followed the ceasefire news.

That move ended early on April 12. Bitcoin fell by more than $2,000 within minutes after Vice President JD Vance said both sides had failed to reach a lasting agreement. At the time of reporting, Bitcoin traded near $71,500, down 1.5% on the day.

Ethereum, XRP and Solana move lower

Most large-cap altcoins also posted losses after Bitcoin reversed. Ethereum fell about 1% but stayed above $2,200, while XRP slipped to $1.33 after a similar daily decline.

BNB dropped below the $600 level, and Solana lost more than 2%. HYPE, Cardano and Bitcoin Cash each fell by more than 3%, while Polkadot and RAIN posted deeper losses during the broader market pullback.

RaveDAO’s native token moved against the wider market trend and rose another 40% on the day. The token has gained more than 1,000% since last Sunday and has entered the top 100 altcoins by market value.

The total crypto market cap fell by more than $30 billion and dropped to $2.51 trillion. Bitcoin’s market cap stood at about $1.43 trillion, while its market dominance remained above 57%.