Bitcoin Stalls as Talks Begin, A Market Plot Twist

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Markets

What to know:

  • Bitcoin is hovering below $73,000, down about 0.6% in 24 hours, as U.S. and Iranian officials begin high-level talks in Islamabad. The broader crypto market is basically flat-like my patience at a long grocery line.
  • The market managed a weekly bounce after a two-week ceasefire, triggering a derivatives short squeeze that wiped out over $430 million in bearish positions. Great for the books, terrible for the nerves.
  • The truce remains fragile with Israel continuing airstrikes against Lebanon and Iran announcing it will toll ships passing through the Strait of Hormuz, prompting a chorus of naysayers including Trump.

Bitcoin is trading below $73,000 on Saturday, down roughly 0.2% in 24 hours, as U.S. and Iranian officials kick off high-level talks in Islamabad. The broader crypto market is mostly flat, which is basically the financial equivalent of a shrug.

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. A parade of numbers, and somehow none of them make sense until they do-if they do.

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 tiny moves, which is the market’s way of saying, “We’ll be dramatic later, maybe.”

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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2026-04-11 19:39