Bitcoin was trading below $73,000 on Saturday, down about 0.2% in 24 hours, as U.S. and Iranian officials began high-level talks in Islamabad. The broader cryptocurrency market is largely flat.
Markets rose in the week after the two-week cease-fire was announced, triggering a short squeeze in derivatives that wiped out more than $430 million in bearish positions.
The CoinDesk 20 index is up about 0.12% over the past 24 hours, while Ethereum (ETH) is up about 0.1%. Other major cryptocurrencies also showed small movements.
The ceasefire between the United States and Iran remains fragile as Israel continues its airstrikes on Lebanon and Iran announced it would impose tolls on ships passing through the Strait of Hormuz, drawing criticism from US President Donald Trump.
CNN reported early Saturday that Vice President J.D. Vance, special envoy Steve Witkoff, and Jared Kushner, who has no official position with the U.S. government but is President Trump’s son-in-law, are leading the U.S. talks. The Iranian delegation includes Foreign Minister Abbas Araghchi and Parliament Speaker Mohammad Bagher Ghalibaf, according to the New York Times. Pakistan itself is a third party in these negotiations.
Some ships passed through the Strait of Hormuz on Saturday, after the U.S. offensive against Iran began in late February and disrupted vital maritime traffic.
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