Bitcoin, broader market flat as U.S.-Iran negotiations begin

The market rose over the week after a two-week ceasefire was announced, triggering a derivatives short squeeze that wiped out over $430 million in bearish positions.

What to know:

• Bitcoin is trading below $73,000, down 0.6% in 24 hours, as U.S. and Iranian officials opened high-level talks in Islamabad. The broader crypto market is mostly flat.
• The market rose over the week after a two-week ceasefire was announced, triggering a derivatives short squeeze that wiped out over $430 million in bearish positions.
• The truce remains fragile with Israel continuing airstrikes against Lebanon and Iran announcing it will charge ships a toll to pass through the Strait of Hormuz, prompting criticism from U.S. President Donald Trump.

Bitcoin BTC$73,086.65 is trading below $73,000 on Saturday, down roughly 0.2% in 24 hours, as U.S. and Iranian officials opened high-level talks in Islamabad. The broader crypto market is mostly flat.

The market rose over the week after a two-week ceasefire was announced, triggering a derivatives short squeeze that wiped out over $430 million in bearish positions.

The CoinDesk 20 index was trading up about 0.12% over the past 24 hours, while Ethereum (ETH) was up about 0.1%. Other major cryptocurrencies saw similarly small moves.

The U.S.-Iran truce remains fragile, with Israel continuing airstrikes against Lebanon and Iran announcing it will charge ships a toll to pass through the Strait of Hormuz, prompting criticism from U.S. President Donald Trump.

CNN reported earlier Saturday that Vice President J.D. Vance, special envoy Steve Witkoff and Jared Kushner, who does not hold a formal position with the U.S. government but is Trump's son-in-law, are leading the U.S. 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 to the talks.

Some ships have passed through the Strait of Hormuz on Saturday, after traffic through the vital maritime route collapsed when U.S. strikes against Iran began at the end of February.

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BTCBTC$73,086.65◢0.11%