Crypto Market Pulls Back Amid US-Iran Peace Deal Hopes

The cryptocurrency market experienced a decline of 1.4% to around $2.76 trillion on May 7, 2026, following a sharp rally earlier in the week that pushed Bitcoin's price above $82,000 for the first time in three months.

Dogecoin and Ethereum led losses among major cryptocurrencies, falling 4.2% and 3.6%, respectively. Dogecoin's price dropped to around $0.11, while Ethereum's price slipped to below $2,300.

Retail sentiment around Dogecoin fell to 'neutral' from 'bullish' territory over the past day, while chatter remained at 'high' levels. Sentiment around Ethereum continued to trend in the 'neutral' zone, accompanied by 'normal' levels of chatter.