Why Bitcoin Just Tanked and What Happens Next

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Summarize with AI

Summarize with AI

US Vice President JD Vance said after the prolonged meeting that both parties have not reached an agreement as Iran chose “not to accept our terms.”

Bitcoin’s price reacted with an immediate drop, tanking from the new three-week high of over $73,500 to under $71,500. The cryptocurrency exploded on Tuesday morning when US President Donald Trump announced the two-week ceasefire, going from $68,000 to almost $73,000.

Although it slipped there in the following days, it remained above $70,000 before it jumped during the weekend to $73,700 (on Bitstamp). However, the failure in the peace talks brings back the uncertainty, which dominated all market moves in the past month and a half.

VP Vance added that the US needs to see a “fundamental commitment” from the Iranian side to abandon its nuclear weapon strategy. In contrast, Iran’s foreign ministry said that the talks were “intensive,” but called on the US to refrain from “excessive demands and unlawful requests.”

The Kobeissi Letter also commented on the development from the markets’ perspective. The analysts believe oil prices will rocket once again as markets open, while stocks will head south. They added that The Nasdaq 100 was already up 5% on expectations of a peace deal this weekend, but the ‘worst-case scenario’ could send it crashing again.

The question is now whether the POTUS will choose to “push harder for a deal and reassure markets or will he ramp up military operations in Iran,” which will likely lead to more volatility and corrections for most assets.