The cryptocurrency market experienced a notable downturn today following the failure of US-Iran peace talks in Pakistan. Bitcoin (BTC) dropped below $72,000, trading around $71,503, marking a 1.82% decrease in 24 hours.

Ethereum (ETH) also fell to $2,211, while XRP saw a slide alongside other major cryptocurrencies. The total crypto market capitalization is down by 1.54% on the day.

The market downturn follows a period where a two-week ceasefire between the US and Iran had previously led to a surge in Bitcoin’s price. The renewed geopolitical uncertainty has triggered risk-off sentiment among investors.

Despite the recent dip, Bitcoin had gained 5.7% over the past week, though it remains significantly below its previous all-time high. Analysts suggest that artificial intelligence could be a key catalyst for Bitcoin’s future growth.

In other developments, XRP has shown strong activity in the ETF market, with spot ETFs recording $119.6 million in weekly inflows. Six XRP spot ETFs now collectively manage over $1 billion in assets.