Bitcoin (BTC) reversed its rally on Saturday and fell below $72,000 after the United States and Iran failed to reach an agreement following peace talks in Islamabad, Pakistan.
The largest cryptocurrency rose near $74,000 on Saturday before falling to an intraday low of $71,168 during early Asian trading hours.
Bitcoin declines as US-Iran talks fail after 21-hour Islamabad session
At press time, Bitcoin was trading at $71,716, down 1.84%. During the last 24 hours.
BeInCrypto Markets data showed that the broader cryptocurrency market capitalization also fell by 1.7%, with most major large-cap assets falling. Ethereum (ETH) fell to nearly $2,220, while Ripple fell to $1.33, each down nearly 2%.
BTC rose earlier in the week after The ceasefire was for two weeks Announce. However, the ceasefire remained fragile.
Israel continued its air strikes in Lebanon, and Iran announced cryptocurrency duties on ships Passing through Strait of Hormuz. BeInCrypto also reported thisAccording to US officials, Tehran has not been able to locate all the mines across the strait.
Two US Navy destroyers have reportedly crossed the Strait of Hormuz to begin mine clearance operations, according to US Central Command. But Iran categorically rejected this claim.
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What happened between the United States and Iran in Islamabad?
High-level negotiations between Washington and Tehran ended without reaching a peace agreement. The two sides offered competing explanations for the collapse.
According to Fars News Agency, any path to reaching an agreement depends on Washington reducing what Iran considers “unreasonable demands.” the control over The Strait of Hormuz and the nuclear program remain among many unresolved points of contention between the two sides.
The Iranian Radio and Television Corporation said in a statement, “Despite the various initiatives presented by the Iranian delegation, the unreasonable demands of the American side prevented the progress of the negotiations. Thus, the negotiations ended.” mail.
A source close to the Iranian negotiating team He said Fars News Agency reported that Washington sought concessions through diplomacy that it was unable to obtain from war.
The source said: “The Americans needed to negotiate for their lost face on the international stage, and they were not willing to lower their expectations despite the defeat and stalemate in the war with Iran.” They added, “Iran has no plans for the next round of talks.”
On the American side, Vice President J.D. Vance held a short press conference. He stressed that the American delegation was “very adaptive and flexible.”
“The president told us: You have to come here in good faith and do your best to reach an agreement.” “We did that, and unfortunately, we couldn’t make any progress.”
Vance stressed that preventing Iran from developing nuclear weapons, now and in the future, remains President Trump’s “primary goal.” He left Pakistan after the media briefing.
“So, look, we’ve been in constant contact with the team, because we’ve been negotiating in good faith. And we leave here with a very simple proposal, which is a way of understanding that is our last and best offer. We’ll see if the Iranians accept it.”
This stalemate raises concerns about the fragile two-week ceasefire. However, Pakistani Foreign Minister A statementHe urged both sides that “it is necessary for both parties to continue to adhere to their commitment to the ceasefire.”
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