Bitcoin trading below $73,000 on Saturday, down about 0.2% in 24 hours, as US and Iranian officials began high-level talks in Islamabad. The broader crypto market is mostly flat.
The market rallied during the week after a two-week truce was announced, triggering a derivatives short squeeze that wiped out over $430 million in bearish positions.
The CoinDesk 20 Index traded up about 0.12% over the past 24 hours, while Ethereum (ETH) rose about 0.1%. Other major cryptocurrencies saw similarly small movements.
The US-Iranian ceasefire remains fragile, with Israel continuing airstrikes against Lebanon and Iran announcing it will charge ships a toll 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 a formal position with 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 negotiations.
Some ships have been passing through the Strait of Hormuz on Saturday after traffic through the vital maritime route collapsed when the US attack on Iran began in late February.
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