Bitcoin is trading below $73,000 on Saturday, down about 0.2% in 24 hours, as U.S. and Iranian officials opened high-level talks in Islamabad. The broader crypto market is generally flat.
The market rose during the week after a two-week ceasefire was announced, triggering a derivatives short sale that wiped out more than $430 million in bearish positions.
The CoinDesk 20 Index was trading up around 0.12% over the past 24 hours, while Ethereum (ETH) was up around 0.1%. Other major cryptocurrencies have seen similarly modest moves.
The truce between the United States and Iran remains fragile, with Israel continuing its airstrikes against Lebanon and Iran announcing it would impose a toll on ships to pass through the Strait of Hormuz, drawing criticism from US President Donald Trump.
CNN reported earlier Saturday that Vice President JD Vance, special envoy Steve Witkoff and Jared Kushner, who does not hold an official position in the U.S. government but is Trump’s son-in-law, were leading the U.S. side of the talks. The Iranian delegation includes its Foreign Minister, Abbas Araghchi, and Parliament Speaker Mohammad Bagher Ghalibaf, according to the New York Times. Pakistan itself is a third party to the negotiations.
Some ships passed through the Strait of Hormuz on Saturday, after traffic on the vital shipping route collapsed when U.S. strikes against Iran began in late February.
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