Bitcoin experienced a drop of 2% on Saturday evening, declining from over $73,000 to around $71,310. This decline coincided with the conclusion of high-stakes negotiations between the US and Iran in Islamabad, Pakistan, where no agreement was reached.
Vice President JD Vance, who led the US delegation, confirmed that despite 21 hours of extensive talks, Iran rejected the US's demand for a fundamental commitment to halt nuclear weapons development. Vance indicated that the US's proposal was its final offer, aligning with President Donald Trump's core objective of stopping Iran’s nuclear program.
In response, Iran’s foreign ministry labeled the discussions as intensive but criticized the US for maintaining excessive demands. An Iranian source accused the US of altering its position during the negotiations, pointing to a key sticking point regarding US claims concerning the Strait of Hormuz. This strategic area has been effectively closed since the onset of conflict between the US, Israel, and Tehran in late February.
The allegations suggest that the US is attempting to obtain commitments through diplomatic channels that were not secured during the recent 40-day conflict. This includes proposals related to tanker protection and shipping insurance, aimed at mitigating maritime risks in the region.
This round of negotiations follows a recently brokered two-week ceasefire from Pakistan, after the US had accepted a 10-point proposal from Tehran. Despite Iran’s indication that it is prepared to engage in dialogue, military readiness remains a priority within its armed forces.