US-Iran Talks Breakdown, Bitcoin looses Weekend Gains
Bitcoin (BTC) reversed its Saturday rally 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 had climbed near $74,000 on Saturday before dropping to an intraday low of $71,168 during early Asian trading hours.
Bitcoin Drops as US-Iran Talks Fail After 21-Hour Islamabad Session
At press time, BTC traded at $71,716, down 1.84% over the past 24 hours.
BeInCrypto Markets data showed that the broader crypto market cap also declined by 1.7%, with most major large-cap assets in the red. Ethereum (ETH) slipped to roughly $2,220, while XRP fell to $1.33, each shedding close to 2%.
BTC had gained ground earlier in the week after a two-week ceasefire was announced. However, the ceasefire remained fragile.
Israel continued airstrikes in Lebanon, and Iran announced crypto tolls on ships passing through the Strait of Hormuz. BeInCrypto also reported that, according to US officials, Tehran was unable to locate all the mines across the strait.
Two US Navy destroyers reportedly transited the Strait of Hormuz to begin mine-clearing operations, according to US Central Command. However, Iran rejected that claim outright.
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What Happened Between the US and Iran in Islamabad
The high-level negotiations between Washington and Tehran ended without producing a peace deal. Both sides offered competing explanations for the breakdown.
According to Fars news agency, any path to an agreement depends on Washington scaling back what Iran considers “unreasonable demands”. The control of the Strait of Hormuz and the nuclear program remain among several unresolved points of contention between the two sides.
"Despite various initiatives from the Iranian delegation, the unreasonable demands of the American side prevented the progress of the negotiations. Thus, the negotiations ended," Iranian state broadcaster IRIB said in a post.
A source close to Iran's negotiating team told Fars news agency that Washington sought concessions through diplomacy that it had been unable to secure from the war.
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