Bitcoin and risk assets remain muted as U.S.–Iran negotiations begin.

Crypto markets are stabilizing after a week shaped by geopolitical tension and aggressive positioning in derivatives.

Bitcoin (BTC) is hovering just below $73,000 on Saturday, down about 0.2% over the past 24 hours, as high-level negotiations between U.S. and Iranian officials get underway in Islamabad. The broader crypto market is trading largely sideways.

The recent uptick in prices followed the announcement of a two-week ceasefire, which sparked a significant short squeeze across derivatives markets. More than $430 million in bearish positions were liquidated, accelerating the move higher as traders covered shorts.

However, the geopolitical outlook remains uncertain. Israel continues airstrikes in Lebanon, while Iran has signaled plans to impose tolls on ships transiting the Strait of Hormuz—drawing criticism from U.S. President Donald Trump.

According to CNN, the U.S. delegation includes Vice President J.D. Vance, special envoy Steve Witkoff, and Jared Kushner, a close Trump adviser without an official government role. On the Iranian side, Foreign Minister Abbas Araghchi and Parliament Speaker Mohammad Bagher Ghalibaf are leading the talks, according to The New York Times. Pakistan is serving as a third-party facilitator.

Shipping activity through the Strait of Hormuz has shown early signs of recovery, with some vessels passing through on Saturday after traffic dropped sharply in the wake of U.S. strikes on Iran in late February.

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