Bitcoin (BTC) is trading below $73,000 on Saturday, showing a slight decline of about 0.2% over the past day as U.S. and Iranian officials commence high-level discussions in Islamabad. The wider cryptocurrency market remains largely unchanged.
The crypto sector experienced gains earlier this week following the announcement of a two-week ceasefire, which resulted in a derivatives short squeeze that eliminated more than $430 million in bearish positions.
In the last 24 hours, the CoinDesk 20 index has increased by approximately 0.12%, while Ethereum (ETH) is up around 0.1%. Other major cryptocurrencies have also experienced minor fluctuations.
The U.S.-Iran truce is still precarious as Israel continues its airstrikes in Lebanon and Iran announces a toll for ships passing through the Strait of Hormuz, eliciting criticism from U.S. President Donald Trump.
CNN reported on Saturday that Vice President J.D. Vance, special envoy Steve Witkoff, and Jared Kushner—who holds no formal government role but is married to Trump’s daughter—are spearheading the U.S. delegation in these talks. Iran is represented by its Foreign Minister Abbas Araghchi and Parliament Speaker Mohammad Bagher Ghalibaf, as noted by The New York Times. Pakistan participates as a neutral party.
Some vessels have resumed passage through the Strait of Hormuz on Saturday following a significant drop in traffic since U.S. strikes against Iran began at the end of February.
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