Cryptocurrencies experienced a broad decline. On the evening of May 28, Beijing time, the cryptocurrency market saw significant across-the-board losses. Bitcoin fell by over 3% at one point, dropping below the $73,000 mark. As of the time of writing, Bitcoin was down 2.94%, while Ethereum, Solana, and Dogecoin each fell more than 3%, and Hype fell over 4%.

According to data from CoinGlass, over the past 24 hours, the cryptocurrency market witnessed more than 170,000 liquidations, with total liquidated amounts reaching $922 million.

On the news front, earlier that day, tensions between the US and Iran escalated again. According to a Xinhua report, the US Central Command issued a statement on the 28th, accusing Iran of launching a missile towards Kuwait. Iran responded by stating that, in retaliation for a US attack on the port of Abbas, Iranian forces struck the US military base from which the attack was launched.

The US Central Command stated in its declaration that at 22:17 Eastern Time on the 27th, Iran launched a ballistic missile towards Kuwait, which was successfully intercepted by Kuwaiti forces. Hours before launching the missile towards Kuwait, Iran dispatched five one-way attack drones, "posing a clear threat to the Strait of Hormuz and surrounding areas. All these drones were successfully intercepted by US forces." The US military also prevented Iran from launching a sixth drone.

Iran provided a different account. According to Iranian media reports on the 28th, the Islamic Revolutionary Guard Corps issued a statement saying that US forces violated a ceasefire agreement by firing several missiles into an open area of Abbas Port, causing no damage. In response to this attack, the Revolutionary Guard struck the US military base responsible for the launch.

However, late on the 28th, Beijing time, citing US officials, US media reported that US and Iranian negotiators had reached an agreement on a memorandum of understanding, but it still required final approval from US President Trump.

US officials stated that the terms of the agreement were largely finalized before the 26th, but both sides still needed approval from their respective senior leadership. The US side claimed that Iran subsequently indicated it had obtained the necessary authorization and was prepared to sign, though Iranian officials had not yet confirmed this.

US officials mentioned that negotiators had briefed Trump on the final agreement, but he did not approve it immediately, stating he "needed a few days to consider."

Regarding specific content, the proposed memorandum stipulates "unrestricted passage" for shipping through the Strait of Hormuz, with no transit fees and no interference, while requiring Iran to clear all mines in the strait within 30 days. Additionally, the US expressed its intention to gradually lift the maritime blockade.

The memorandum also includes Iran's commitment not to develop nuclear weapons and stipulates that during a 60-day negotiation period, priority will be given to discussing the disposal of Iran's highly enriched uranium and uranium enrichment issues. The US, for its part, commits to discussing sanctions relief and the unfreezing of funds for Iran during the negotiations, as well as establishing mechanisms to help Iran obtain supplies and humanitarian aid.