bitcoin traded below $73,000 on Saturday, down about 0.2% in 24 hours, as US and Iranian officials began high-level talks in Islamabad. The overall crypto market remains virtually flat.
The market rose during the week after a two-week ceasefire was announced, triggering a squeeze on derivatives short positions that wiped out more than $430 million in bearish positions.
The CoinDesk 20 index is up around 0.12% in the last 24 hours, while Ethereum (ETH) is up around 0.1%. Other major cryptocurrencies saw similarly small moves.
The truce between the United States and Iran remains fragile, with Israel continuing airstrikes against Lebanon and Iran announcing it will charge ships tolls for passing through the Strait of Hormuz, prompting criticism from US President Donald Trump.
CNN reported earlier Saturday that Vice President JD Vance, Special Envoy Steve Witkoff and Jared Kushner, who holds no formal position in the US government but is Trump’s son-in-law, are leading the US side of the talks. Iran’s 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 in the talks.
Some ships passed through the Strait of Hormuz on Saturday, after traffic through the vital sea route collapsed when US attacks on Iran began in late February.
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