Bitcoin (BTC) reversed its rally on Saturday and fell below $72,000 after the United States and Iran failed to reach an agreement after peace talks in Islamabad, Pakistan.
The world’s largest cryptocurrency rose to near $74,000 on Saturday before falling to an intraday low of $71,168 in the early hours of Asian trading.
Bitcoin Drops As US-Iran Talks Fail After Islamabad’s 21-Hour Session
At press time, BTC traded at $71,716, down 1.84% in the last 24 hours.
Data from BeInCrypto Markets showed that the crypto market is also down 1.7%, while the major assets are in the red. Ethereum (ETH) fell to around $2,220, while XRP fell to $1.33, each shedding around 2%.
BTC gained momentum at the beginning of the week after a There was a two-week ceasefire he announced. However, the ban was not strong.
Israel continued airstrikes in Lebanon, and Iran announced crypto tolls on ships pass through Hormuz River. BeInCrypto reported thataccording to US officials, Tehran has not been able to find all the mines across the river.
Two US Navy destroyers reportedly passed through the Strait of Hormuz to begin mine clearance operations, according to US Central Command. However, Iran denied the claims.
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What happened between the US and Iran in Islamabad
High-level talks between Washington and Tehran ended without a peace deal. Both sides offered competing explanations for the breakdown.
According to the Fars news agency, any path to an agreement depends on Washington backing what Iran sees as “irrational demands”. The the authority of The Strait of Hormuz and the nuclear program are still at the center of several conflicts between the two sides.
“Despite various efforts from the Iranian delegation, the irrational demands of the American side have hindered the talks. Therefore, the talks have ended,” said the Iranian government’s IRIB reporter. post.
A source close to Iran’s negotiating team he said Fars News Agency that Washington requested permission through negotiations that could not be protected from war.
“The American people needed to negotiate because of their lost face in the international arena and they did not want to lower their expectations despite the defeat and instability of the war with Iran,” said the source. “Iran has no plans to negotiate with them,” he said.
On the US side, VP JD Vance held a brief press conference. He said the American delegation was “good and flexible.”
“The president told us, ‘You have to come here in good faith and do everything you can to get a deal.’ We did this, and unfortunately we could not do anything about it,” he said.
Vance emphasized that preventing Iran from developing nuclear weapons, now and in the future, is President Trump’s “biggest goal.” He left Pakistan after the incident.
“So, look, we were in constant communication with this group, because we were talking in good faith. And we leave here with a very simple idea, a way of understanding that is our final and best offer. We’ll see if the Iranians accept it.”
The standoff raises concerns about a two-week ceasefire. However, Pakistan’s foreign ministry has issued a wordsurging both sides that “it is important that the parties continue to confirm their commitment to ending the war”.
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A note As US-Iran Talks Collapse, Bitcoin Loses Weekly Gains appeared for the first time BeInCrypto.
